Latest news with #AjayKerkar
Mint
07-07-2025
- Business
- Mint
Cox & Kings ₹105 crore credit card scam: How to shield yourself from SBI-style frauds
In a shocking development, a case has been registered against Ajay Kerkar, promoter of the once-prominent travel company Cox & Kings, along with other senior officials, for allegedly defrauding SBI Cards and Payment Services of ₹ 105 crore, reported PTI. According to reports, the accused forged financial statements to misrepresent the company's financial health and obtained corporate credit card facilities under false pretenses. The fraud reportedly occurred between April 2012 and June 2019, and the company failed to repay its dues, causing a massive loss to SBI Cards. The First Information Report (FIR) was filed by a senior legal manager from SBI Cards at Andheri Police Station, Mumbai, and the case has now been transferred to the Economic Offences Wing (EOW) for detailed investigation. While this fraud was committed at a corporate level, it serves as a stark reminder that even well-known companies can misuse financial systems. For individuals, it underscores the importance of staying alert and protecting oneself from credit card fraud—a threat that continues to evolve in complexity. 1. Review your credit card statements regularly: Always check your monthly credit card statements for any unauthorised or suspicious transactions. Early detection helps minimise losses and allows your bank to quickly initiate dispute resolution procedures. 2. Enable instant transaction alerts: Set up SMS or email alerts for every credit card transaction. These real-time notifications help you detect fraud as it happens. If you spot a transaction you didn't authorise, contact your bank's fraud hotline immediately. 3. Avoid sharing card details or OTPs: Never share your credit card number, CVV, expiry date, or OTP over the phone, email, or SMS—even if the request seems genuine. No bank or official agency will ever ask for such details unsolicited. 4. Use your credit card only on secure platforms: Do ensure that any website you use for transactions is secure (look for 'https' in the URL). Avoid using public Wi-Fi for online payments and do not save your card information on shopping platforms to reduce exposure to breaches. 5. Check your credit report regularly: A credit report can reveal if someone has taken a loan or credit card in your name without your knowledge. Reviewing it every few months helps you maintain a healthy credit profile and identify any fraudulent activity early. The Cox & Kings case highlights that even reputed companies can misuse financial systems. With credit card frauds on the rise, personal vigilance is your strongest defense. Monitor your finances, secure your data, and act promptly at the first sign of trouble to protect your credit profile and financial well-being. For all personal finance updates, visit here. Disclaimer: This article is for informational purposes only and should not be considered legal or financial advice. Please consult a professional before making any financial decisions. Readers are encouraged to report any suspected fraud to their bank or credit bureau immediately.
Time of India
05-07-2025
- Business
- Time of India
FIR registered against Cox & Kings promoter for 'duping' SBI Cards
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 to the tune of Rs 105 crore, police said on Saturday. The First Information Report was registered at the Andheri Police Station on Friday on a complaint filed by a senior legal manager of SBI Cards, and transferred to the Economic Offences Wing (EOW) of the police, an official said. Between April 2012 and June 2019, promoter Ajay Kerkar , Urshila Kerkar and several senior officials of Cox & Kings conspired to prepare forged balance sheets misrepresenting the company's financial health and got corporate credit card facilities from SBI Cards, the complaint alleged. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo The company failed to repay its dues within the stipulated time, resulting in a cumulative loss of Rs 105 crore to SBI Cards, it said. The case was registered for alleged criminal breach of trust, forgery, cheating and criminal conspiracy under the Indian Penal Code and EOW is conducting further probe, the police official said.
Time of India
05-07-2025
- Business
- Time of India
Directors of travel firm booked for 106cr fraud
Mumbai: Seven people, including two chartered accountants from Cox & Kings, were booked on Friday in a new case involving cheating and forgery amounting to Rs105.93 crore. The charges pertain to company directors Ajay Kerkar, Urshila Kerkar, Anthony Good, Pessy Patel, Mahalinga Narayan, besides its chief financial officer Anil Khandelwal, internal auditor Naresh Jain. The eighth entity which has been booked is the company itself, says the FIR. According to the FIR, the company's board members and officers prepared fake balance sheets, submitted them to SBI Cards & Payment Services Ltd, falsely showed the company as profitable, and obtained seven corporate cards. Also, the company failed to pay EMIs of cards on time." You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The complaint mentions that between 2013 and 2018, Cox & Kings recorded a turnover of Rs 1,541 crore using corporate cards and paid Rs 1,467 crore to SBI Cards. The company applied for an increased credit limit, and SBI Cards extended Rs 90 crore until June 2019. At this point, the company failed to pay GST and TDS on time. In the same month, the company declared bankruptcy and submitted related reports to Sebi, NSE, and BSE. "
