Latest news with #CKG
Libya Observer
21-07-2025
- Business
- Libya Observer
Tripoli court jails three ex-bank officials over corruption
A Tripoli criminal court has sentenced three former officials at Sahara Bank to one year in prison over financial misconduct dating back to before 2011, as part of ongoing efforts by Libya's Public Prosecution to combat corruption. The case involved the former head of the executive committee and two officials in credit and auditing, who were found to have unlawfully granted credit facilities to the company CKG, in violation of banking regulations. The court also ordered the defendants to repay 300.84 million Libyan dinars, the amount involved in the violations. The ruling is seen as part of broader government efforts to promote transparency and accountability and to recover public funds obtained through illegal means. News Tagged: sahara bank
Indian Express
05-07-2025
- Business
- Indian Express
Fresh FIR against Cox and Kings Group's Ajay Kerkar for defrauding SBI NBFC of Rs 105 crore
The Mumbai Police on Friday registered a fresh case against global tours and travels company Cox and Kings Group (CKG), its promoter Ajay Ajit Peter Kerkar and seven others, for duping State Bank of India's non-banking financial company (NBFC) SBI Card and Payment Service Limited of over Rs 105 crore. Kerkar and other top executives of the tour company are currently in judicial custody after they were arrested by the Mumbai Police's Economic Offences Wing (EOW) in 2020-21. Cox and Kings Financial Services Ltd was into providing foreign exchange business, holiday financing, student loan financing, and other non-banking financial services. On the complaint filed by the senior manager (legal) of SBI Card and Payment Service Limited, the Andheri police have booked CKG, Kerkar, Urshila Kerkar, and six others, including two auditors, said sources in the police. The complainant alleged that between April 2012 and June 2019, the accused, in collusion with each other, prepared a fake balance sheet by showing that there was an outstanding amount due to Cox and Kings Ltd. from the company's associate companies and by doing so, they increased the trade receivables of the company. The CKG and its top management then presented a fake balance sheet to SBI Cards and Payment Services Ltd, showing that the financial condition of Cox & Kings Ltd was good and obtained seven corporate card facilities by presenting a fake balance sheet, alleged the complainant. 'They failed in paying the loan amount on the said card facility within the time limit. The accused persons breached the trust of SBI Cards and Payment Services Ltd. (SBI Card) and has caused a wrongful loss of Rs 105.93 crores, in total principal and interest, to them,' the complainant executive of the SBI Card and Payment Service Limited said in his statement before police. The accused have been booked under sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for purpose of cheating) 471 (using as genuine a forged) and 120B (criminal conspiracy) of Indian Penal Code. The case is likely to be transferred to the Economic Offenses Wing (EOW) of the Mumbai police, which has already probed several cases of CKG. Kerkar's father Ajit, who earlier worked as managing director in Taj Hotel's group, had been conferred with many honours in the past. Kerkar was arrested by Mumbai police's EOW during 2020-21 in at least 10-bank fraud cases involving Rs 3,000 crore. Later, the ED also registered multiple cases against Ajay for money laundering. Since then, Ajay has been in judicial custody.
