 "Cox & Kings")
In October 2018, a year before it went bust, an outbound specialist tour operator Cox & Kings (CKL), sold its education tour business in Europe for 467 million pounds (Rs 4,387 crore) with the stated aim of reducing debt and maximising shareholder returns. But an inquiry ordered by the firm’s lenders has now found that the sale proceeds were not used to pay bank loans and instead allegedly siphoned off by the promoters.
The 'mystery' of the education business sale is a part of the Enforcement Directorate (ED) investigation, which is also examining the siphoning-off of funds to the tune
