AUTHORITIES in India have issued a first information report regarding the global CEO of the now bankrupt Cox & Kings (C&K), Peter Kerkar, as well as other directors, for allegedly siphoning money illegally from the business overseas, according to a report in local India press.
Kerkar is accused of fraudulently sending money from Cox & Kings, Ezeego and other entities to a number of shell companies abroad, as well as defaulting on a number of bank loans which had been made over the course of the last six to seven years.
Police in India formally launched an investigation into the sudden collapse of the Cox & Kings office in Kolkata last year (TD 08 Oct 2019), which subsequently led to the collapse of the Australian-based Tempo Holidays and Bentours divisions in Oct 2019 after likely trading insolvent for several months.
Forensic auditors PWC have also alleged C&K was involved in overstating sales figures and creating false transactions.
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Source: traveldaily