ED attaches Rs 177 crore assets of Rotomac global
Rotomac
The Rotomac Global group has been involved in an alleged bank loan fraud of Rs 3,695 crore
The Enforcement Directorate (ED) on Tuesday attached assets worth Rs 177 crore owned by Kanpur-based Rotomac Global in connection with its money laundering case.
The Rotomac Global group has been involved in an alleged bank loan fraud of Rs 3,695 crore.
The agency said it has issued a provisional order yesterday under the Prevention of Money Laundering Act (PMLA) for attachment of properties "owned by Ms Rotomac Global Private Limited and its directors located at Kanpur (Uttar Pradesh), Dehradun (Uttarakhand), Ahmedabad and Gandhi Nagar (Gujarat) and Mumbai (Maharashtra) valuing Rs 177 crore."
Previously on February 27, Income Tax (IT) Department filed 12 prosecution cases against Rotomac Global under various sections of the IT Act, 1961 in connection with the alleged loan default.
It alleged that these assets were the "proceeds of crime" of the illegal act of money laundering.
The ED probe revealed, the agency said in a statement, that Ms Rotomac Global Private Limited "indulged in merchanting trade with limited number of buyers and sellers and it used to receive back the discounted LC (letters of credit) amount from the overseas beneficiary after deduction of 1.5-2 per cent commission by them either directly into the accounts of Rotomac group companies or into the accounts of overseas companies controlled by owner Vikram Kothari."
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This discounted LC amount, it said, thereafter has been used by the firm for "other business activities" such as FDR (fixed deposit receipts), iron ore purchase and investment in real estate.
The CBI had earlier registered an FIR against Kotharis who allegedly owe Rs 754.77 crore to the Bank of India, Rs 456.63 crore to the Bank of Baroda, Rs 771.07 crore to the Indian Overseas Bank, Rs 458.95 crore to the Union Bank of India, Rs 330.68 crore to the Allahabad Bank, Rs 49.82 crore to the Bank of Maharashtra and Rs 97.47 crore to the Oriental Bank of Commerce.
The ED probe was aimed at finding out if the funds obtained through the alleged fraud were laundered and if the proceeds of the crime were subsequently used by the accused to create illegal assets and black money.