TaxTMI 
TaxTMI 
TaxTMI 
2021 (12) TMI 1503
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....ns 120B and 420 of IPC and Sections, 7, 12 and 13 of Prevention of Corruption Act. As a consequences of investigation in the above FIR, on 18th March, 2020 a complaint came to be lodged before the Enforcement Directorate regarding loss of Rs.3,642 Crores by the Yes Bank in the Cox & Kings Group of Companies ("CKG"). Mr. Peter Kerkar, Promoter and Director of CKG filed complaint of cheating, criminal breach of trust and forgery against employees and officers before the Court of Metropolitan Magistrate, Mumbai wherein an offence was registered. 3. Kotak Mahindra Bank lodged complaint against present applicant and Mr. Peter Kerkar in relation to CKG thereby involving amount of Rs.174.32 Crores with Cuffe Parade Police Station. 4. All the afo....
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....er the said amount was transferred to Redkite. As a consequence, Ezeego suffered financial losses. The prosecution as such alleged that Ezeego was illegally used as a carrier to transfer money to Redkite from the account of CKG which is brainchild of applicant being internal auditor. It is further alleged by the prosecution that by hatching criminal conspiracy, the applicant/ accused along with other co-accused got loan sanctioned illegally for Redkite and Reward Business Solutions from Ezeego and CKG and inflated book of accounts by inserting 15 fictitious customers. 7. From the account of Ezeego with Axis Bank and ICICI Bank amount was transferred to Redkite in 2017-19 on the instructions of applicant. Applicant was Managing Director of ....
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....foresaid background, Mr. Rafique Dada, learned senior counsel would urge that in the Forensic Audit carried out in relation to the alleged transactions, there is nowhere involvement of the applicant/accused. However, according to him, it is main accused Mr. Ajay Kerkar who is responsible for the alleged mismanagement and siphoning of funds. According to him, the Yes Bank in its complaint has alleged that the amount was disbursed to Ezeego and was transferred to CKG. According to him, the amount in the aforesaid Forensic Audit is shown to have been transferred to the Cox and Kings. He would further claim that as regards financial facilities advanced by Kotak Mahindra Bank to CKL is concerned, the said finances were revised from time to time ....
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..... It is claimed that out of the forged amount, Reward repaid an amount of Rs.51.50 Crores leaving with only outstanding amount of Rs.12.33 Crores towards Ezeego. Based on the above, he claims that the allegation of misuse of amount of Yes Bank is also incorrect as the entire financed amount was transferred by Ezeego to CKL account. Apart from above, he would claim that the professional fees payable to the applicant as an internal auditor of CKL alleged to have been received to the tune of Rs.42,18,58,400/- for a period from 2014 to 2019 from CKL, Liz Traders & Agents Private Limited, Rosean Trading Company Limited and Sneh Sadan Traders and Agents Limited. He would claim that the said amount is received only towards the professional charges....
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.... the tax savings. It is further urged that the applicant in the capacity of internal auditor and expert in the management of finances being Chartered Accountant cannot wash out his responsibilities and attribute the same to Mr. Peter Kerkar. From the record, he would try to justify the prima-facie involvement of the applicant in the crime in question. 10. I have considered rival submissions. 11. It is not in dispute that the applicant/accused was working as internal auditor along with co-accused Mr. Anil Khandelwal who was the CFO in the CKG. The issue about swapping of Credit Card of CKG for transfer of Rs.500 Crores is concerned, even it is attributed to Mr. Peter Kerkar, it could be inferred from the record that the applicant, an inter....