The Economic Offences Wing (EOW) of the Mumbai Police has filed a fresh case against Ajay Ajit Peter Kerkar, the promoter of the travel company Cox & Kings Group, along with seven others, for allegedly defrauding SBI Cards and Payment Services Limited to the tune of ₹105 crore. The complaint, lodged at the Andheri Police Station owing to the company’s office being located in the area, has been filed by a senior legal manager of SBI Cards.
As per the complaint, between April 2012 and June 2019, Ajay Kerkar, Urshila Kerkar, and several senior officials of the company allegedly conspired to prepare forged balance sheets that misrepresented the company’s financial health. These documents showed large amounts as receivable from other firms, thereby artificially inflating the company’s financial standing. Relying on these manipulated records, SBI Cards issued seven corporate credit cards to Cox & Kings.
However, the company failed to repay the dues within the stipulated time, resulting in a cumulative loss of ₹105 crore to SBI Cards, which includes both the principal amount and interest. The complaint holds the accused responsible for this financial loss and alleges deliberate deceit on their part.
Ajay Kerkar was earlier arrested by the Economic Offences Wing in 2020–21 in connection with several bank fraud cases. Currently, he remains in judicial custody. Authorities have confirmed that at least ten different cases have been registered against him so far, involving a total fraud amount of approximately ₹3,000 crore. In addition to the police action, the Enforcement Directorate (ED) has also filed a case of money laundering against him.
In this new case, the Andheri police have registered offences under multiple sections of the Indian Penal Code, including charges related to criminal breach of trust, forgery, cheating, and criminal conspiracy. The investigation has now been officially handed over to the Economic Offences Wing, which is already examining several earlier fraud cases linked to Kerkar and his associates.