As of May 10, 2025, a special Central Bureau of Investigation (CBI) court in Mumbai has granted bail to former Cox & Kings director Ajay Kerkar and two other executives, Urshila Kerkar and Vanaja Rajan, in connection with a ₹946.44 crore loan fraud case involving Yes Bank .

The CBI alleges that the executives submitted forged balance sheets to secure credit facilities for Ezeego One Travels and Tours Ltd (EOTTL), a group company of Cox & Kings, despite its poor financial health. The sanctioned funds were then allegedly siphoned off to settle liabilities of the parent company, violating the loan’s intended purpose .

Special CBI Judge S.H. Gwalani noted that the CBI had not provided sufficient material to justify the continued custody of the accused. The court observed that the accused were not arrested during the investigation until the filing of the charge sheet and that the prosecution did not present any apprehension that their release would hinder the trial’s progress .

This bail follows the earlier release of former Yes Bank CEO Rana Kapoor and five other Cox & Kings executives, including Anil Khandelwal and Naresh Jain, who were granted bail in the same case approximately two weeks prior .

The case originated from a First Information Report (FIR) registered by the CBI in November 2020, based on a complaint by Ashish Joshi, then chief vigilance officer of Yes Bank. The complaint alleged that Yes Bank had sanctioned credit facilities worth ₹650 crore to EOTTL in 2017, which were later enhanced to ₹1,015 crore in 2018, despite the company’s weak financial position. The loan account became a non-performing asset in June 2019, and a subsequent forensic audit revealed elements of fraud, leading to the case being reported to the Reserve Bank of India as a fraud involving ₹946.44 crore .

The investigation into the case is ongoing, with the CBI continuing to examine the alleged financial misconduct and fund diversion involving Cox & Kings and its group companies.

Sources