 "Illustration by Ajay Mohanty")
The Serious Fraud Investigation Office (SFIO) on Thursday arrested Rahul Kothari, director of Rotomac Group along with Frost International’s CEO Sujay Desai and Managing Director Uday Desai for fraudulent round tripping of funds, abusing the scheme of merchanting trade.
Kothari, a whole-time director of the pen company Rotomac, and the Mumbai-based company’s bosses were remanded to SFIO custody by a magistrate court. The investigation revealed that in order to obtain bank funds, Kothari, along with Sujay Desai and Uday Desai, manipulated their financial statements.
“They inter alia issued fictitious debit notes to many foreign entities, which were under their control, in order
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