Seven individuals, including two chartered accountants from travel company Cox and Kings, have been booked for alleged cheating and forgery involving ₹105.93 crore. The FIR, registered on Friday, also names the company itself as the eighth accused entity.
The case involves company directors Ajay Kerkar, Urshila Kerkar, Anthony Good, Pessy Patel, and Mahalinga Narayan, along with chief financial officer Anil Khandelwal and internal auditor Naresh Jain.
According to the FIR, the accused created fake balance sheets and submitted them to SBI Cards and Payment Services Ltd to falsely project the company as financially sound. Using these fraudulent documents, they obtained seven corporate cards but failed to pay EMIs on time.
Between 2013 and 2018, the company reportedly recorded a turnover of ₹1,541 crore using these corporate cards and repaid ₹1,467 crore to SBI Cards. The company later applied for a higher credit limit, and SBI Cards extended a limit of ₹90 crore until June 2019.
However, in that same month, the company defaulted on payments of GST and TDS. Soon after, it declared bankruptcy and submitted related reports to regulatory bodies including SEBI, NSE, and BSE.
Investigations are ongoing as authorities look into the extent of financial misrepresentation and corporate fraud.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
