The Central Bureau of Investigation (CBI) has filed a case against the promoters and directors of Ezeego One Travel and Tours Ltd over allegations of defrauding Yes Bank by up to ₹946 crores.
Also read - Mumbai Police Sends Lookout Circulars Against Cox & Kings Promoters And Top Brass
Cases have been filed against the company and its executives including Ajay Ajit Peter Kerkar, Urshilla Kekar, Neelu Singh, Arup Sen, Manisha Amarapurkar, Pesi Patel, and Karthik Venkatraman. As part of the investigations, the CBI raided eight locations across Mumbai belonging to the promoters of Ezeego.
In its report, the CBI said that Ezeego (a sister concern of Cox and Kings Ltd) first received credit facilities from Yes Bank in 2017 for ₹650 crores though it was later increased to ₹1,015 crores as of September 2018. Subsequently, Ezeego defaulted in its payments to the bank which led to the account being declared a non-performing asset or NPA by June 2019.
Yes Bank conducted a forensic audit of the account which revealed that Ezeego had engaged in diversion of funds by transferring a major portion of the loan amount to Cox and Kings Ltd.
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The bank further said that the company borrowed ₹150 crores towards closing its loan account with Axis Bank while also showing documentary evidence. However, the audit found that Ezeego had not closed the loan account with Axis Bank and that the account had also turned into an NPA in 2019.
Previously, the Enforcement Directorate (ED) had mentioned that Cox and Kings Ltd owes ₹3,642 crores to Yes Bank. A separate report indicates that State Bank of India has also approached the CBI discussing a similar fraud case committed by promoters of Cox and Kings, with some of them also acting as promoters of Ezeego.
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