Central Bureau of Investigation (CBI) logo at CBI HQ, in New Delhi. File
| Photo Credit: PTI
The Central Bureau of Investigation (CBI) has registered two cases of alleged bank credit fraud involving over ₹68 crore against Cox & Kings Limited and its top functionaries.
Among those named as accused in both the cases are the company’s directors Anthony Bruton Meyrick Good, Ajay Ajit Peter Kerkar and Urrshila Kerkar. In both the cases, the accused persons had contacted the banks with a request for subscription of the company’s commercial paper (short-term debt instrument used for raising funds).
In the first case, it is alleged that they conspired with unknown officials of the erstwhile Allahabad Bank and caused a wrongful loss of ₹38.46 crore. In the second First Information Report, they have been accused of causing a loss of ₹30 crore to the Indian bank.
The banks detected the alleged fraud on the basis of the audit findings of Pricewaterhouse Coopers.
