The city economic offenses wing (EOW) on Tuesday took the custody of Ajay Ajit Peter Kerkar, promoter of the travel firm M/s Cox & Kings Ltd (CNK), Anil Khandelwal, the former Chief Financial Officer of the firm and its auditor, Naresh Jain for their alleged role in a case of taking a loan of Rs 1,030 crore and not repaying it.
Prakash Rao, Vice President, Axis Bank, had lodged a complaint with the Cuffe Parade police station and the probe was transferred to the EOW’s banking unit. The police booked the accused for breach of trust, cheating, forgery and criminal conspiracy.
A team led by Niket Kaushik, EOW chief, DCP Dr Shrikant Paropkari, senior inspector Kishore Parab and inspector Anjali Khare began the probe. The police team had filed an application before a special court for taking the accused in custody. Their plea was granted. Kerkar was taken into custody from Arthur Road jail while Khandelwal and Jain were taken into custody from Taloja jail in Navi Mumbai. Khandelwal was earlier arrested by the EOW in other cases, registered against CNK, and was sent to judicial custody.
“The CNK had taken loans from the complainant’s bank during 2010 and 2019. The accused did not repay the loan. They fabricated the facts and concealed the actual position of travel businesses. They created 15 fictitious subsidiary travel companies and showed fictitious business between these companies and CNK,” said an officer.