CBI Books Rotomac Promoter In Rs 3,700 Crore Fraud
Rotomac Global was given bank loans worth Rs 2,919 crore from 2008 onwards by a consortium of 7 banks.
The Central Bureau of Investigation has booked Kanpur-based businessman Vikram Kothari, his wife and son in connection with the alleged swindling of Rs 3,695 crore of loans advanced by a consortium of seven banks to his company Rotomac Global Pvt.
The banking scam has surfaced in the backdrop of Rs 11,384 crore alleged fraud reported by Punjab National Bank, involving billionaire Nirav Modi and his uncle, Mehul Choksi.
Rotomac Global was given bank loans worth Rs 2,919 crore from 2008 onwards by a consortium of banks led by Bank of India, which have swelled to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.
Principal exposure of the seven banks with regards to the loan
- Bank of India: Rs 754.77 crore
- Bank of Baroda: Rs 456.63 crore
- Overseas Bank of India: Rs 771.07 crore
- Union Bank of India: Rs 458.95 crore
- Allahabad Bank: Rs 330.68 crore
- Bank of Maharashtra: 49.82 crore
- Oriental Bank of Commerce: Rs 97.47 crore
The loans were being advanced to the company since 2008, Bank of Baroda has alleged.
The case against Rotomac Global, its directors Vikram Kothari, his wife Sadhana Kothari, and son Rahul Kothari and unidentified bank officials was filed on a complaint received from Bank of Baroda, they said.
The agency searched three locations in Kanpur, including Kothari’s residence and office premises. There have been no arrests in the case yet, CBI spokesperson Abhishek Dayal categorically said.
He added that Kothari, his wife and son were examined by the CBI, which is conducting the searches.