On October 9, Deshpande was questioned by the Mumbai Police’s Economic Offences Wing in reference to a case registered by Kotak Mahindra financial institution towards the promoters and different former administrators of the now bancrupt journey and tour firm.
While Desphande was questioned within the capability of a witness within the stated case, he was named within the first info report (FIR) registered by promoter, Ajiay Ajit Peter Kerkar, supply near the event informed
According to the Kalyan Government Railway Police (GRP), a case of unintended death register (ADR) was lodged on October 12. “We couldn’t identify the body as there was no identity on him. The information on the unidentified body was shared with the Thane police. The Navpada police station that comes under Thane police had registered a missing complaint on Deshpande and when they learnt about the unidentified body earlier in the day they sent a team along with Desphande’s family members. After they identified the body, the formalities were completed and the body was handed over to them” stated Kalyan GRP senior police inspector, Valmiki Shardul. “ There was no suicide note found on him. We suspect this to be a case of death by suicide,” Shardul added.
According to sources, Deshpande was tensed when he was questioned by the EOW and was presuming that he too might be arrested by the Enforcement Directorate (ED) which is probing CKL in a cash laundering case linked to Yes Bank Ltd.
“On October 6, the ED had arrested the former CFO, Anil Khandelwal and the company’s auditor Naresh Jain, when Deshpande was called in by the Mumbai Police to join the investigation in the Kotak Mahindra bank matter, he looked tensed. He kept on repeating that he fears he would be next in the line of arrest by ED,” stated a senior Mumbai police officer. “He didn’t record his statement citing he couldn’t recall the facts and would return with the documents on a later date,” added the official.
CKL is locked in a bitter struggle with the promoters, banks and the erstwhile administration lodging criss-cross complaints towards one another.
Kerkar, the promoter of CKL, has lodged two FIRs with the Mumbai Police alleging that the former prime key managerial individuals (KMPs) allegedly diverted funds inflicting a potential loss of Rs 5,564 crore to the Cox & Kings Group. The FIRs names the former CFO Anil Khandelwal, senior account manager Sagar Desphande, firm secretary Rashmi Jain, inside auditor Naresh Jain, SSG Capital, and its group corporations, together with promoter Shyam Maheshwari. Kerkar additionally named six banks within the FIR for allegedly “helping (those named in the FIR) in committing the offences and covering up their criminal acts in lieu of kickbacks in the form of commission and performance-based incentives from banks,” the grievance reviewed by ET confirmed.
On the opposite Kotak Mahindra financial institution, in its grievance,has alleged a fraud of over Rs 170 crore by the promoters and erstwhile administrators of CKL. The metropolis police had not too long ago searched the places of work and residence of Kerkar, Khandelwal and a few former administrators.
Based on the Mumbai Police’s request a look out round (LoC) has been issued towards Kerkar, Khandelwal and two others to stop them from leaving the nation.
Other than town police, the Enforcement Directorate is probing them in reference to a cash laundering case within the fraud precipitated to Yes Bank. On October 6, the federal company had arrested Khandelwal and inside auditor Naresh Jain.
Cox & Kings and its group corporations owe Rs 3,642 crore to the non-public financial institution.
The ED’s probe revealed that gross sales of Rs 3,908 crore have been allegedly made to 15 non-existent or fictitious prospects between 2015 and 2019. The probe additionally revealed that the corporate allegedly created a number of layers of onshore and offshore subsidiaries and borrowed greater than Rs 3,000 crore from Yes Bank and fraudulently diverted big quantities to entities beneficially owned by the promoters, the ED stated in an earlier press launch.
Another 147 prospects gave the impression to be not-existent. Cox & Kings has, with out board approval, diverted Rs 1,100 crore to a harassed firm with which it has no enterprise relationship, the ED stated.
According to the federal company, Khandelwal and Jain allegedly acquired mortgaged property value Rs 63 crore in their very own enterprise entity, Reward Business Solutions.
“This was without paying a penny from their pocket. Khandelwal and Jain purchased various immovable properties from the funds diverted from CKL and its group firms,” the ED added.