CBI registers case against Rotomac directors for cheating seven banks
Vikram Kothari
On Monday, the CBI had conducted raids on the properties of Rotomac Pens' owner Vikram Kothari at his home in Kanpur.
The Central Bureau of Investigation(CBI) has registered a case against Rotomac directors alleging that the conspirators cheated seven banks by syphoning off bank loans worth Rs 2,919 crore.
CBI has registered a case against Rotomac directors - Vikram Kothari, Sadhana Kothari, Rahul Kothari, including unknown bank officials after a complaint from Bank of Baroda.
CBI is currently conducting searches at three places in Kanpur and has questioned all three accused directors: Vikram Kothari, Sadhana Kothari and Rahul Kothari.
CBI has also sealedresidential premises and an office of Rotomac directors in New Delhi.
In the complaint, the CBI claimed the total outstanding amount along with interest liabilities for Rotomac is Rs. 3,695 crore.
The CBI named the banks which have been affected due to scam, which include: Bank of India, Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.
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According to the CBI officials, the company allegedly used two modus operandi for siphoning off the loans secured from consortium of banks from 2008 onwards.
Credit sanctioned and loan disbursed to the company was utilised for the purposes, other than executing export orders.
The CBI alleged that the credit sanctioned for a particular export order was diverted to a different offshore company and later the money was remitted back into the Kanpur-based company without executing an export order.
In other cases, money disbursed by the banks for procurement of goods for export was not utilised and no export order was executed ever. This is misappropriation of the fund, criminal breach of trust and violation of FEMA guidelines, the officials said.
Most of the transaction of this companies is with limited number of buyers, sellers sister companies and subsidiary of this company.
On Monday, the CBI had conducted raids on the properties of Rotomac Pens' owner Vikram Kothari at his home in Kanpur.
The CBI questioned Kothari, his wife and their son.
On Sunday, there were reports that Kothari was allegedly "missing" from Kanpur. Reports had indicated that Kothari had taken a loan worth Rs. 352 crore from the Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks, namely Bank of Baroda, Indian Overseas Bank, and Union Bank of India.