Yes Bank approached the CBI alleging fraud by Ezeego One Travel and Tours Ltd
New Delhi:
Ezeego One Travel and Tours Ltd and its promotors and directors are now facing a CBI case for allegedly defrauding Yes Bank for up to Rs 946 crore, officials said on Monday. The Central Bureau of Investigation filed the case against the company and its executives Ajay Ajit Peter Kerkar, Urshilla Kekar, Neelu Singh, Arup Sen, Manisha Amarapurkar, Pesi Patel and Karthik Venkatraman.
Ezeego One Travel and Tours is a sister concern of Cox and Kings Ltd. Ajay Ajit Peter Kerkar and Urshilla Kekar are promoters of both the companies.
The CBI in its First Information Report said Ezeego, which was incorporated in 2006, is engaged in offering travel products in the Indian market. The company first took credit facilities from Yes Bank in 2017 for up to Rs 650 crore, which was enhanced to Rs 1,015 crore by September 2018. As the company defaulted in payment, the account was declared non-performing asset (NPA) in June 2019.
A forensic audit of the account found that the company indulged in diversion of funds and a majority of the loan were transferred to Cox and Kings Ltd, the bank said in its complaint to the CBI.
Yes Bank alleged the company took Rs 150 crore to close its loan account with Axis Bank and submitted documents showing the same, but the audit revealed that the company has not closed the loan and even that turned NPA in 2019.
Based on the findings, Yes Bank termed the account as “fraud” and filed a complaint with the CBI, following which the CBI filed a criminal case against the promoters and directors of Ezeego.
The Enforcement Directorate had also said Cox and Kings group owes Rs 3,642 cror to Yes Bank.
Separately, CBI sources have told NDTV they have received a complaint from State Bank of India regarding a similar fraud committed by Cox and Kings Ltd with the public bank and the same is being examined.