The
Central Bureau of Investigation (CBI) on Thursday Feb 22,2018 arrested Rotomac
Global Pvt. Ltd directors Vikram Kothari and his son Rahul Kothari as
part of its probe into the Rs3,695 crore Rotomac bank fraud case.
The Rotomac bank fraud began in 2008 and amounted to “misappropriation of funds, criminal breach of trust and violation of FEMA (Foreign Exchange Management Act) guidelines,” a senior CBI official said, requesting anonymity.
“The case was registered late on Sunday Feb 18,2018, upon a complaint by the Bank of Baroda (BoB) against Rotomac Global Pvt. Ltd, and its directors Vikram Kothari, Sadhana Kothari and Rahul Kothari,” said the CBI officials quoted above.
Kothari, who was called at the CBI headquarters in New Delhi for questioning, and his son Rahul were not cooperating in the investigation that led to their arrest, said CBI officials said.
A consortium of seven public sector banks had given Rotomac Global bank loans worth Rs2,919 crore since 2008, the CBI FIR has said. The amount swelled to Rs3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.
CBI has initiated the action on the complaint of Bank of Baroda, which was a member of consortium led by Bank of India, which had approached the agency fearing that Kothari may flee the country like Nirav Modi and his uncle Mehul Choksi in the PNB fraud case.
Income tax department has issued a showcause notice to the group stating as to why prosecution should not be launched against them for alleged tax evasion. The principal exposure of the banks regarding the loan is Bank of India Rs754.77 crore, Bank of Baroda Rs456.63 crore, Overseas Bank of India Rs771.07 crore, Union Bank of India Rs458.95 crore, Allahabad Bank Rs330.68 crore, Bank of Maharashtra Rs49.82 crore and Oriental Bank of Commerce Rs97.47 crore, officials said.
The case against Rotomac Global Pvt Ltd, director Vikram Kothari, his wife Sadhana, and son Rahul, and unidentified bank officials, was filed on a complaint received from Bank of Baroda, they said.
The Rotomac bank fraud began in 2008 and amounted to “misappropriation of funds, criminal breach of trust and violation of FEMA (Foreign Exchange Management Act) guidelines,” a senior CBI official said, requesting anonymity.
“The case was registered late on Sunday Feb 18,2018, upon a complaint by the Bank of Baroda (BoB) against Rotomac Global Pvt. Ltd, and its directors Vikram Kothari, Sadhana Kothari and Rahul Kothari,” said the CBI officials quoted above.
Kothari, who was called at the CBI headquarters in New Delhi for questioning, and his son Rahul were not cooperating in the investigation that led to their arrest, said CBI officials said.
A consortium of seven public sector banks had given Rotomac Global bank loans worth Rs2,919 crore since 2008, the CBI FIR has said. The amount swelled to Rs3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.
CBI has initiated the action on the complaint of Bank of Baroda, which was a member of consortium led by Bank of India, which had approached the agency fearing that Kothari may flee the country like Nirav Modi and his uncle Mehul Choksi in the PNB fraud case.
Income tax department has issued a showcause notice to the group stating as to why prosecution should not be launched against them for alleged tax evasion. The principal exposure of the banks regarding the loan is Bank of India Rs754.77 crore, Bank of Baroda Rs456.63 crore, Overseas Bank of India Rs771.07 crore, Union Bank of India Rs458.95 crore, Allahabad Bank Rs330.68 crore, Bank of Maharashtra Rs49.82 crore and Oriental Bank of Commerce Rs97.47 crore, officials said.
The case against Rotomac Global Pvt Ltd, director Vikram Kothari, his wife Sadhana, and son Rahul, and unidentified bank officials, was filed on a complaint received from Bank of Baroda, they said.
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