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ONE MORE BURDEN TO CBI : BOOKED 3 DIRECTOR OF KANPUR BASED ROTOMAC OTHERS ON CHEATING 7 BANKS TO THE TUNE OF 800 CRORES

February 19, 2018 08:33 PM

Kanpur (Face2News)

The Central Bureau of Investigation (CBI) has registered a case on a complaint dated 18.02.2018 from Bank of Baroda U/s 120-B r/w 420, 467, 468, 471 of IPC and Sec. 13(2) r/w 13(1)(d) of P C Act, 1988 & substantive offences thereof against a Kanpur based Rotomac directors Vikram Kothari, Sadhana Kothati and Rahul Kothari company and unknown bank officials, private persons on the allegations that the said Company through its Directors in criminal conspiracy with themselves and other unknown bank officials, cheated Bank of Baroda to the tune of Rs.616.69 crore including unapplied interes t(Rs.456.63 crore + unapplied interest of Rs.160.06 crore).

Total outstanding amount of the Members of consortium of seven banks i.e. Bank of India, Bank of Baroda, Indian Overseas Bank, Union Bank of India, Allahabad Bank, Bank of Maharashtra & Oriental Bank of Commerce-has come to 3695 crore.Searches are being conducted today at the residential & official premises of the accused at Kanpur. A residential apartment and office premises of the accused at Delhi has been sealed. 

The total outstanding amount of the Members of consortium of seven banks i.e. Bank of India, Bank of Baroda, Indian Overseas Bank, Union Bank of India, Allahabad Bank, Bank of Maharashtra & Oriental Bank of Commerce-has come to Rs.3695 crore, including unapplied interest, by siphoning off bank loans disburbsed to the said company.

Searches are being conducted today at the residential & official premises of the accused at Kanpur. A residential apartment and office premises of the accused at Delhi has been sealed.Investigation is continuing. 

Sharad Kumar Birla, the lawyer of Rotomac owner Kothari, said earlier that it was a case of "defaulting" and not a fraud. He confirmed that Bank of Baroda has filed an FIR with the CBI in connection to the case, but did not comment whether ED was also investigating the case. Vikram Kothari, accused of defaulting on Rs 800 crore, denies fleeing India."We haven't even seen FIR yet. Can't say if there has been an arrest, interrogation was being done, can't comment further," the lawyer added. 

Rotomac Pens owner Kothari and his family came under the scanner yesterday after a report highlighted that he has "fled" the country with Rs 800 crore. It became clear in the morning that Kothari was in Kanpur but as key details emerge in the case, it seems that banks might have to deal with another large non-performing asset (NPA).

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