Kotak Bank registers FIR against Cox & Kings alleging Rs 170 crore fraud
The case based on Kotak Bank’s complaint was later transferred to Economic Offences Wing
Kotak Mahindra Bank has reportedly registered a case against Cox & Kings Ltd., alleging that the company defrauded the private lender of over Rs 170 crore. While the preliminary investigation is underway, the Mumbai police has registered a case based on Kotak Bank’s complaint. The case was subsequently transferred to the Economic Offences Wing (EOW).
IndusInd Bank’s objection of being swindled by Cox and Kings Ltd (CKL) of about Rs 240 crore is additionally being examined by the EOW.
“We have examined the protest and the review report arranged by PwC against CKL and have discovered legitimacy in IndusInd Bank’s grievance. The primer inquiry will be before long changed over into an FIR,” an official conscious of the advancement told the Economic Times.
Cox and Kings advertiser Ajay Ajit Peter Kerkar had before stopped counter-FIRs against the banks and key faculty of the movement organization’s previous administration a month ago, blaming them for causing lost over Rs 5,500 crore to CKL and its partners.
Cox and Kings is right now experiencing the corporate indebtedness goal measure.
In June, The Enforcement Directorate (ED) did look at five areas of the moving firm in Mumbai regarding the Yes Bank illegal tax avoidance case.
Truly Bank was the greatest moneylender to advance defaulter travel firms with complete cases of over Rs 2,285 crore, as per a rundown of budgetary loan bosses arranged by the goal expert of the obligation ridden firm.
Following a few defaults, banks allowed PriceWaterhouseCoopers (PWC) to attempt a legal review.
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