21
Friday
September 2018
9:40 PM IST
News Headlines
Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect        Three kidnapped cops killed by terrorists in Jammu and Kashmir        Freak penne trending with dislikes and trolls        Kannur International Airport: Kerala to be the first state with four international airports        Kim, Moon join hands on peak of sacred North Korean volcano        Birthday boy Rashid stars in Afghanistan's 136-run win against Bangladesh        Shahbaz Nadeem claims eight wickets; breaks List A world record        CAT 2018: Registration extended to Sept 26; Admit card to Release on Oct 24        BAI distributes 1.6 crore to state Association        Rodrigues, Yadav help Indian women take 1-0 lead in T20 series        Sensex recovers over 100 points on value-buying, global cues        Deepak Kapoor Appointed the new Chairperson of Save the Children        Palestinian schools strive to modernize classrooms        Trump: Declassified Russia probe papers expose 'bad things'        2 history-sheeters arrested following encounter: Police        Attack on Cong workers in Chhattisgarh is political persecution: Rahul Gandhi        Cabinet clears ordinance to make triple talaq penal offence Law Minister        Instant Triple Talaq to be criminal offence        Viswasam- On set photos leaked        Aiswarya- Abhishek's Gulab Jamun would go on floor in mid 2019        
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National News
CBI begins questioning of Rotomac owner Kothari
 
(Feb 21, 2018): The CBI today started questioning of Rotomac owner Vikram Kothari at its Headquarters here in connection with alleged loan default of Rs 3,695 crore towards a consortium of seven nationalised banks, officials said here.

Earlier, Kothari was being questioned in Kanpur where his company and residence is located, they said.

He was called here by the agency which started his questioning at its headquarters, they said, without giving any reasons behind the move.

Kothari, his wife Sadhana, and son Rahul, all Directors in Rotomac Global pvt Ltd, have allegedly diverted the bank loans towards purposes other than they were meant for, officials said.

One of the consortium members, Bank of Baroda had approached the CBI requesting an FIR against Kothari as the bank apparently feared he might leave the country, they said.

The CBI registered a case on February 18 after receiving the complaint. Initially, the alleged scam was estimated to be of Rs 800 crore but after the CBI started probe into the accounts of the Rotomac Global Private Limited,it was found that the company had allegedly taken loans from Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad ank and Oriental Bank of Commerce.

The CBI alleged that the accused had cheated a consortium of seven banks by siphoning off bank loans to the tune Rs 2,919 crore. The total outstanding amount along with interest and liabilities for the company were pegged at Rs 3,695 crore, the probe agency alleged.

Yesterday, the Enforcement Directorate (ED) had notified all the land, sea and airports in the country to prevent the exit of the promoter of Rotomac pens, Vikram Kothari, and his family members from India, in connection with its money laundering probe.

The agency also conducted searches at multiple locations in Uttar Pradesh, including in Unnao and Kanpur, to gather evidence in the case.

The ED had slapped criminal charges under the Prevention of Money Laundering Act (PMLA) against the company and its promoters on February 18, based on a CBI FIR filed on the same day.

Meanwhile, the Income Tax department had also attached 14 bank accounts of the pen manufacturer as part of its tax evasion probe against the company yesterday.

This is the second major bank fraud to surface in the recent past after the sensational Rs 11,400-crore Punjab National Bank (PNB) fraud, allegedly committed by diamond merchant Nirav Modi and his uncle Mehul Choksi, who is a promoter of the Gitanjali Group of companies.

Both Modi and Choksi left the country last month.(PTI)


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