Cox & Kings ₹105 crore credit card scam: How to shield yourself from SBI-style frauds
In a shocking development, a case has been registered against Ajay Kerkar, promoter of the once-prominent travel company Cox & Kings, along with other senior officials, for allegedly defrauding SBI Cards and Payment Services of ₹105 crore, reported PTI.
According to reports, the accused forged financial statements to misrepresent the company’s financial health and obtained corporate credit card facilities under false pretenses. The fraud reportedly occurred between April 2012 and June 2019, and the company failed to repay its dues, causing a massive loss to SBI Cards.
The First Information Report (FIR) was filed by a senior legal manager from SBI Cards at Andheri Police Station, Mumbai, and the case has now been transferred to the Economic Offences Wing (EOW) for detailed investigation.
While this fraud was committed at a corporate level, it serves as a stark reminder that even well-known companies can misuse financial systems. For individuals, it underscores the importance of staying alert and protecting oneself from credit card fraud—a threat that continues to evolve in complexity.
Key ways to protect yourself from credit card frauds
1. Review your credit card statements regularly: Always check your monthly credit card statements for any unauthorised or suspicious transactions. Early detection helps minimise losses and allows your bank to quickly initiate dispute resolution procedures.
2. Enable instant transaction alerts: Set up SMS or email alerts for every credit card transaction. These real-time notifications help you detect fraud as it happens. If you spot a transaction you didn’t authorise, contact your bank’s fraud hotline immediately.
3. Avoid sharing card details or OTPs: Never share your credit card number, CVV, expiry date, or OTP over the phone, email, or SMS—even if the request seems genuine. No bank or official agency will ever ask for such details unsolicited.
4. Use your credit card only on secure platforms: Do ensure that any website you use for transactions is secure (look for ‘https’ in the URL). Avoid using public Wi-Fi for online payments and do not save your card information on shopping platforms to reduce exposure to breaches.
5. Check your credit report regularly: A credit report can reveal if someone has taken a loan or credit card in your name without your knowledge. Reviewing it every few months helps you maintain a healthy credit profile and identify any fraudulent activity early.
The Cox & Kings case highlights that even reputed companies can misuse financial systems. With credit card frauds on the rise, personal vigilance is your strongest defense. Monitor your finances, secure your data, and act promptly at the first sign of trouble to protect your credit profile and financial well-being.
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Disclaimer: This article is for informational purposes only and should not be considered legal or financial advice. Please consult a professional before making any financial decisions. Readers are encouraged to report any suspected fraud to their bank or credit bureau immediately.
