teknolojiarsivi.com March 24, 2018

Rotomac Scam: IT Attaches 11 Bank Accounts

22 February 2018, 12:53 | Floyd Cook

CBI books businessman in Rs 3695 cr Rotomac scam case – Here's how funds were allegedly diverted

Bank of Baroda said that it has taken necessary ‘recovery measures’ against Rotomac Global and filed proceedings in the Debt Recovery Tribunal in October 2016

According to the complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs 3,695 crore, including the interest component, officials said.

These three accounts constitute Rs 516.79 crore of outstanding exposure as on January 31, 2018.

CBI has registered a case against Vikram Kothari.

A well heeled Kanpur based business family had set up his stationery business under the name of Rotomac in 1980's.

A team of the ED has lodged a case of money laundering against Rotomac owner Vikram Kothari. After that he had spread his wings aggressively to head Rotomac Exports, Kothari Foods and Fragrances, Crown Alba Writing Instruments, Mohan Steels, RFL Infrastructure and Rave Entertainment. Ltd. and Rave Entertainment Pvt.

The website also says "Vikram Kothari has been awarded by the then prime minister Atal Behari Vajpayee, with the Best Exporter Award, conferred by FIEO - in conjunction with Union Ministry of Commerce, Government of India". He also defended himself by explaining that he has not indulged in any fraud and that he already has litigation pending against some banks in the National Company Law Tribunal (NCLT), which is why he should not be termed as a wilful defaulter. But BoB, one of the consortium banks, approached CBI with a complaint only after news of Nirav's escape became public and there were speculations that even Kothari could have followed a similar path.

The agency also conducted searches at multiple locations in Uttar Pradesh, including in Unnao and Kanpur, to gather evidence in the case.

Rs 435 crore loan, which was given to Vikram Kothari-run Rotomac by the Bank of Baroda, was classified as "non-performing asset" in October 2015.

The money was round-tripped to accounts of Rotomac and its sister companies instead of using the money to pay buyers/suppliers. CBI spokesperson Abhishek Dayal had told mediapersons that, "The credit sanctioned and disbursed to the company was utilised for purposes other than executing export orders". It was found that the company was maintaining a virtual office and there was no office present on the address.

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