25.5 C
New Delhi
Monday 6 April 2020

Bank fraud: CBI arrests Rotomac owner Vikram Kothari, son Rahul

Editorials

In India

Power Grid says fear of tripping at 9:09 PM on 5 April baseless

Once the Ministry of Power made its statement, the critics cut a sorry figure, with politicians asking why the prime minister's statements call for clarifications and 'experts' saying this was avoidable

Terrorist links of Tablighi Jamaat include Masood Azhar, Osama bin Laden

Maulana Masood Azhar, the founder of the terrorist group Harkat ul Mujahideen which underwent several name changes to finally become Jaish-e-Mohammed, is not only a member of the Tablighi Jamaat but also a once close associate of Osama bin Laden

New Delhi: The CBI on Thursday arrested Rotomac owner Vikram Kothari and his son Rahul, both directors in the company, for alleged default on loan repayments to the tune of Rs 3,695 crore, officials said here.

Kothari, who was called at the agency headquarters here for questioning, and Rahul were not cooperating in the investigation that led to their arrest, they said.

A consortium of seven nationalised banks has given bank loans worth Rs 2,919 crore from 2008 onwards Rotomac Global Pvt Limited from 2008 onwards, the CBI FIR has alleged.

The amount swelled to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.

The CBI has initiated the action on the complaint of Bank of Baroda, which was a member of a 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.

Meanwhile, the Income Tax Department has issued a show cause 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 Rs 754.77 crore, Bank of Baroda Rs 456.63 crore, Overseas Bank of India Rs 771.07 crore, Union Bank of India Rs 458.95 crore, Allahabad Bank Rs 330.68 crore, Bank of Maharashtra 49.82 crore and Oriental Bank of Commerce Rs 97.47 crore, officials said.

The case against Rotomac Global Pvt Limited, director Vikram, his wife Sadhana, and Rahul and unidentified bank officials was filed on a complaint received from Bank of Baroda, they said.

PTI

Coronavirus worldwide update, with focus on India, LIVE

Since the facts and figures related to the novel coronavirus disease 2019 (nCOVID-19, COVID-19 or COVID) are changing by the minute, Sirf News has begun this blog to keep the readers updated with information coming from authentic sources

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Articles

China Is Guilty, But How Will World Retaliate?

The attack has to be calibrated as the world has invested heavily in China and that country, in turn, has markets worldwide, making your own economy vulnerable when you take measures against Beijing

Sewa In COVID Times: Living ‘Service Before Self’ Credo

Sewa International volunteers were first off the starting block, setting up non-medical helplines for the four regional areas — West Coast, East Coast, Midwest, and Southwest — for a coordinated national response, where people can call in for assistance

India And US: Same COVID, Different Prescriptions

The different social structures, experiences in the leaders of the two countries, variation in the degree of political capital, etc make India and the US react differently to the global COVID pandemic

China Is Guilty, But How Will World Retaliate?

The attack has to be calibrated as the world has invested heavily in China and that country, in turn, has markets worldwide, making your own economy vulnerable when you take measures against Beijing

Sewa In COVID Times: Living ‘Service Before Self’ Credo

Sewa International volunteers were first off the starting block, setting up non-medical helplines for the four regional areas — West Coast, East Coast, Midwest, and Southwest — for a coordinated national response, where people can call in for assistance

India And US: Same COVID, Different Prescriptions

The different social structures, experiences in the leaders of the two countries, variation in the degree of political capital, etc make India and the US react differently to the global COVID pandemic

For fearless journalism

%d bloggers like this: