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 and his wife is the ultimate beneficiary. Raima Inc – the Panama firm owned by the Kerkars was also part of these trusts. Interestingly, just before the IPO, Raima sold its 50 per cent stake in Cox and Kings to Kuber – a company owned and controlled by PK and made a $30 million profit from this deal. Now, ABM Good also made a cool $30 million from his sale of shares just before the IPO. In 2016, Kerkar’s Castleman Investments under his family trust in the BVI, borrowed $60 million from Deutsche Bank AG against a security given by Cox and Kings Asia Pacific Travel Ltd, in Hong Kong, a subsidiary of the listed firm Cox & Kings. Not surprisingly, Castleman defaulted on the loan repayment – which means the $60 million borrowed from Deutsche Bank AG was essentially stolen. In total, $120 million has been looted through these deals alone and the money just vanished into thin air. PK is now lying that his staff executed these fake transactions without his knowledge but therein lies the rub – Deutsche Bank AG uses voice authorisation for transactions which means the transaction must have been approved by PK himself. He has even filed cases to this effect alleging that his staff misused forged and fabricated documents to divert funds. While there is not an ounce of truth in any of those petitions filed by PK, such cases can derail and distract the investigation which has already proven to be too long. And that is his modus operandi – PK is the epitome of modern India’s fraudster billionaires who have built their empire on deceit and frauds. And when caught, their army of lawyers weave a tale of lies through courtcraft and false litigations to shield themselves from the retribution for their crimes. It is high time, the country’s investigation agencies make an example out of PK to show that these fraudsters cannot keep on gaming the country’s legal system.

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