A fresh First Information Report (FIR) has been filed against Ajay Ajit Peter Kerkar, the promoter of the global tours and travels company Cox & Kings Group (CKG), and seven others, for allegedly defrauding SBI Cards and Payment Services Limited of over ₹105 crore. The Mumbai Police registered the case on Friday, following a complaint lodged by a senior legal manager of SBI Cards at the Andheri Police Station. The case has now been transferred to the Economic Offences Wing (EOW) of the Mumbai Police, which is already investigating several other cases related to CKG.

According to the complaint, the alleged fraud took place between April 2012 and June 2019. During this period, Kerkar, along with Urshila Kerkar and other senior officials of Cox & Kings, purportedly conspired to create forged balance sheets. These balance sheets misrepresented the company's financial health by inflating the trade receivables, showing large amounts as outstanding from associate companies.

Based on these fabricated financial statements, SBI Cards issued seven corporate credit cards to Cox & Kings. However, CKG allegedly failed to repay the dues on these cards within the agreed timeframe. This resulted in a total loss of ₹105 crore to SBI Cards, encompassing both the principal amount and the accrued interest. The complainant asserts that the accused deliberately deceived SBI Cards, leading to the significant financial loss.

The FIR has been registered under multiple sections of the Indian Penal Code, including those pertaining to criminal breach of trust, forgery, cheating, and criminal conspiracy. The accused have been booked under sections 406, 409, 420, 465, 467, 468, 471, and 120B of the IPC.

Ajay Kerkar and other top executives of Cox & Kings have been in judicial custody since their arrest by the EOW in 2020-21. These arrests were in connection with at least ten bank fraud cases involving approximately ₹3,000 crore. The Enforcement Directorate (ED) has also registered multiple cases against Kerkar for money laundering.

This new case adds to the legal troubles of Ajay Kerkar and Cox & Kings, which have been embroiled in financial irregularities for several years. The EOW is expected to conduct a thorough investigation into the matter, examining the forged balance sheets and the roles of all those involved in the alleged fraud. The investigation is already underway.