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A case has been registered against the former promoter of Cox & Kings and eight others for allegedly defrauding SBI Cards and Payment Services of INR 105 crore. The complaint, filed in Mumbai, alleges a conspiracy to create forged balance sheets between 2012 and 2019 to obtain corporate credit card facilities, leading to a loss for SBI Cards. The Cox & Kings brand was acquired by Singapore-based Wilson & Hughes in May 2024 through an NCLT process for approximately INR 12 crore, and the new owners state they are distinct from the former management and its past liabilities, focusing on a new beginning for the brand.
A case has been registered here against the promoter of travels firm Cox & Kings and eight others for allegedly defrauding SBI Cards and Payment Services. The complaint, filed on Friday, alleges a loss of INR 105 crore, stemming from actions between 2012 and 2019. The First Information Report was registered at the Andheri Police Station and has been transferred to the Economic Offences Wing (EOW) of the police for further investigation. Advertisement
The complaint alleges that between April 2012 and June 2019, promoter Ajay Kerkar, Urshila Kerkar, and several senior officials of Cox & Kings conspired to prepare forged balance sheets. This was reportedly done to misrepresent the company's financial health and obtain corporate credit card facilities from SBI Cards.
The complaint states that the company failed to repay its dues within the stipulated time, resulting in a cumulative loss of INR 105 crore to SBI Cards. The case was registered for alleged criminal breach of trust, forgery, cheating, and criminal conspiracy under the Indian Penal Code. The EOW is currently conducting further probe, with a police official confirming the investigation.
Cox & Kings has a long history, founded in 1758. It evolved from serving the British military to becoming a specialized travel operator. Its Indian operations date back to 1939. The Cox & Kings brand, along with over 200 sub-brands, was acquired by Singapore-based private equity firm Wilson & Hughes India Pvt Ltd in May 2024, through a process facilitated by the National Company Law Tribunal (NCLT) for an estimated INR 12 crore.
Wilson & Hughes has publicly stated that this acquisition is distinct from the erstwhile Cox & Kings Ltd., which remains under liquidation. The new owners have emphasized they have no connection to the former management or any of its past financial or legal obligations, asserting that any outstanding legal or financial issues are solely tied to the former entity, which remains under separate management and liquidation.
The revamped Cox & Kings, under Wilson & Hughes' ownership, is focusing on innovation, digital transformation, and customer-centric travel solutions, including plans for franchise network expansion.
Source- PTI
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