Ezeego One Travel and Tours Ltd, its promoters and directors are under the scanner of the Central Bureau of Investigation (CBI) for allegedly defrauding Yes Bank for up to ₹946 crore.
The central probe agency 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 and Ajay Ajit Peter Kerkar and Urshilla Kekar are promoters of both the companies.
The CBI in its FIR said that Ezeego, which was incorporated in 2006, is engaged in offering travel products in the Indian market.
The company first acquired credit facilities from Yes Bank in 2017 for up to ₹650 crore, which was later enhanced to ₹ 1,015 crore by September 2018. As the company defaulted in payment, the account was declared a non-performing asset (NPA) in June 2019.
The report found that the company was involved in the diversion of funds and a majority of the loan were transferred to Cox and Kings Ltd.
Yes Bank alleged the company took ₹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 report's findings, Yes Bank termed the account as "fraud" and filed a complaint with the CBI, following which the probe agency filed a criminal case against the promoters and directors of Ezeego.
The Enforcement Directorate (ED) had also said Cox and Kings group owes ₹3,642 crore to Yes Bank.