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Cox & Kings Directors Booked in Rs 105.93 Crore SBI Cards Credit Scam

The FIR alleges board members used forged balance sheets to secure seven SBI corporate cards that defaulted with outstanding dues of Rs 105.93 crore.

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Overview

  • Andheri police lodged an FIR on July 4 against Cox & Kings Ltd and eight board members under IPC sections 406, 420, 465, 467, 468, 471 and 120B for a Rs 105.93 crore default to SBI Cards.
  • SBI Cards alleges that executives submitted fabricated balance sheets between May 2013 and November 2018 to obtain seven corporate credit cards.
  • The cards accrued unpaid dues after the company declared bankruptcy in June 2019 and SBI Cards terminated its corporate card services in October that year.
  • Eight individuals have been charged including chairman Ajay Ajit Peter Kerkar, co-founder Urshila Kerkar and finance chief Anil Khandelwal.
  • Mumbai Police’s Economic Offences Wing is expected to take over the investigation as the accused remain in judicial custody on prior fraud and money laundering charges.