Rotomac Fraud

CBI books Rotomac Global directors in Rs 750-crore bank fraud case

The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act. The company is already facing multiple investigations by the CBI and the Enforcement Directorate on the basis of complaints from consortium members. In its complaint to the CBI, now a part of the FIR, the Indian Overseas Bank alleged that the company was sanctioned a non-fund-based limit of Rs 500 crore on June 28, 2012. The account was declared a non-performing asset on June 30, 2016, with an

Rotomac case: I-T files dozen fresh chargesheets; attaches 3 accounts

With this, the total charge sheets filed against the group are 18 while a total of 17 accounts have been attached

Rs 37-bn loan default case: CBI arrests Rotomac owner Vikram Kothari, son

CBI had registered a case against the pen maker and officials of various banks in connection with an alleged scam to siphon off bank loans worth Rs 29.19 bn

Rotomac scam: Allahabad Bank's Rs 5.16-bn exposure classified as NPA

Allahabad Bank said in a filing that the accounts of Rotomac group classified as non-performing assets according to IRAC norms of RBI and the required provision has been made

Rotomac fraud: I-T attaches assets in Kanpur, Ahmedabad

The principal amount involved was Rs 29 billion

Rotomac fraud: Bank of Baroda has exposure of Rs 4.56 billion

The bank said the account of Rotomac Global was declared a non-performing asset (NPA) or bad loan by it on October 3, 2015

Rotomac Pens fraud: How Vikram Kothari conned 7 banks; FIR details revealed

Rotomac allegedly cheated banks to the tune of Rs 36.95 billion; this comes just Nirav Modi PNB fraud worth Rs 114 billion

CBI books Rotomac promoter over Rs 37-billion loan fraud

The scam has surfaced in the backdrop of Rs 114 billion alleged fraud reported by Punjab National Bank, involving billionaire Nirav Modi Mehul Choksi

CBI files FIR as Rotomac bank fraud swells to Rs 36.95 bn; books promoter

In the complaint filed by BoB, it was alleged that a consortium of seven banks had been cheated by Kothari and his company by siphoning off Rs 36.95 bn (including principal) taken as loan

ED files case against promoters of Rotomac for loan default of Rs 36.95 bn

It was alleged in the Bank of Baroda complaint that the conspirators had cheated a consortium of banks to the tune of Rs 36.95 bn, including the interest component