Chapter 12: Family that loots together, hides it together

Remember the names, Coad Investments and Castleman investments? Those were companies set up by PK under two different family trusts – Castleman is owned by The Castle Cove Trust and Coad Investments by The Welcome Trust. But there is one thing common to both these trusts – PK is the settlor of both these trusts…More

Chapter 11: The heist of a lifetime

In his fictional work of the Aeneid, the ancient Roman poet Virgil describes how the Greeks treacherously defeated the city of Troy. The Greeks, who could not breach the fort of Troy after a 10-year long siege, pretended to sail away while secretly hiding themselves in a huge wooden horse that were placed at the…More

Chapter 10: The Maze of Malvern

Malvern was not only a shortlived enterprise but also a dubious one. In fact, it was liquidated within a week of Cox and Kings declaring bankrupt. Why would it be liquidated so soon if it was a genuine enterprise? The buck doesn’t stop there, the history and background of Malvern are shrouded in too much mystery and…More

Chapter 9: The Domino effect

On 31st May 2019, Cox and Kings put out their annual results for the FY19. It revealed INR 620 Cr in cash, the total debt of INR 2000 Cr, and EBITDA of INR 274 Cr; and yet defaulted on the bank debt, cascading into bankruptcy. Interestingly, PK had signed off on the FY19 annual results.…More

Chapter 8: As the masks fall off

PK’s net worth of shares in Cox and Kings and his residency in posh London created the image of a reputed and fast-growing businessman who benefitted from meeting the needs of the average, aspiring middle-class citizens of India who wanted to see the world. While in reality, PK’s family trust was sucking the resources of…More

Chapter 7: Hiding in the Havens

Money flew like honey – from lands as far away as Hong Kong and the British Virgin Islands. Castleman, a BVI company owned by PK, his wife and his daughters received a credit of ONR 450 Cr from Deutsche Bank on a security of INR 450 Cr bank balance of Cox and Kings Asia Pacific…More

Chapter 6: The merry-go-round

PK’s ambitions to buy Holidaybreak were bankrolled by Axis Bank; thanks to his charming skills. This coupled with the large amount of capital raised by Cox and Kings would bring to the fore the lavish lifestyle splurge of the Kerkars. They splashed out the shareholder money on their favourite projects only to divert the funds…More

Chapter 5: The Good, The Bad, and The Kerkars

The Cox and Kings story is incomplete without the story of ABM Good. The Kerkars and Good were very much hand in glove with each other in looting Cox and Kings. When the Grindlays Bank which owned Cox and Kings had to sell the business due to banking regulations in the UK, ABM Good, who…More

Chapter 4: Crime pays the Kubers

The IPO of Cox and Kings made the Kerkars handsomely rich, albeit through crafty corporate manoeuvres. Remember Raima Inc, the Panama firm controlled by the Kerkars? It acquired 11 per cent stake in Cox and Kings through a stock swap (a stock swap is where two companies sell their stakes to one another). Raima Inc…More

Chapter 3: A web of deceit

Raima Inc. is a very interesting entity. It was registered in Panama, owned by a trust in Guernsey – an English island near the French Coast – but controlled by the Kerkar family. An offshore leaks website even says that Raima Inc was associated with Mossack Fonseca. Even during a time when there were strict…More


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