The Enforcement Directorate (ED) on Tuesday said it had notified all the land, sea and airports in the country to prevent the exit of the promoter of Rotomac pens, Vikram Kothari, and his family members from India, in connection with its money laundering probe into an alleged bank loan fraud of Rs 3,695 crore.

The agency also conducted searches at multiple locations in Uttar Pradesh, including in Unnao and Kanpur, to gather evidence in the case.

Official sources said that according to a preliminary probe, the loan amount &quot;was not used for the intended purpose&quot;.

They added that in order to ensure that the alleged defaulters, including Kothari, his wife Sadhna and son Rahul, did not flee the country, a Look-Out Circular (LOC) was issued and notified to the immigration authorities by the central probe agency.

The ED had slapped criminal charges under the Prevention of Money Laundering Act (PMLA) against the company and its promoters on February 18, based on a CBI FIR filed on the same day.

The CBI case was registered against Kanpur-based Rotomac Global Private Limited, its director Vikram Kothari, his wife Sadhna Kothari, son Rahul Kothari and unidentified bank officials on a complaint from the Bank of Baroda, the probe agency had said.

The Bank of Baroda had alleged that the conspirators had cheated a consortium of banks to the tune of Rs 3,695 crore, including the interest component.

The principal amount involved is Rs 2,919 crore.

The ED is soon expected to start attaching assets in the case. It is currently &quot;ascertaining&quot; the assets of the group.

The agency sources had said that their 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.

Meanwhile, the Income Tax department today said it had attached 14 bank accounts of the pen manufacturer as part of its tax evasion probe against the company.

This is the second major bank fraud to surface in the recent past after the sensational Rs 11,400-crore Punjab National Bank (PNB) fraud, allegedly committed by diamond merchant Nirav Modi and his uncle Mehul Choksi, who is a promoter of the Gitanjali Group of companies.

Both Modi and Choksi left the country last month.&nbsp;

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

The Enforcement Directorate (ED) on Tuesday said it had notified all the land, sea and airports in the country to prevent the exit of the promoter of Rotomac pens, Vikram Kothari, and his family members from India, in connection with its money laundering probe into an alleged bank loan fraud of Rs 3,695 crore. The agency also conducted searches at multiple locations in Uttar Pradesh, including in Unnao and Kanpur, to gather evidence in the case. Official sources said that according to a preliminary probe, the loan amount "was not used for the intended purpose". They added that in order to ensure that the alleged defaulters, including Kothari, his wife Sadhna and son Rahul, did not flee the country, a Look-Out Circular (LOC) was issued and notified to the immigration authorities by the central probe agency. The ED had slapped criminal charges under the Prevention of Money Laundering Act (PMLA) against the company and its promoters on February 18, based on a CBI FIR filed on the same day. The CBI case was registered against Kanpur-based Rotomac Global Private Limited, its director Vikram Kothari, his wife Sadhna Kothari, son Rahul Kothari and unidentified bank officials on a complaint from the Bank of Baroda, the probe agency had said. The Bank of Baroda had alleged that the conspirators had cheated a consortium of banks to the tune of Rs 3,695 crore, including the interest component. The principal amount involved is Rs 2,919 crore. The ED is soon expected to start attaching assets in the case. It is currently "ascertaining" the assets of the group. The agency sources had said that their 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. Meanwhile, the Income Tax department today said it had attached 14 bank accounts of the pen manufacturer as part of its tax evasion probe against the company. This is the second major bank fraud to surface in the recent past after the sensational Rs 11,400-crore Punjab National Bank (PNB) fraud, allegedly committed by diamond merchant Nirav Modi and his uncle Mehul Choksi, who is a promoter of the Gitanjali Group of companies. Both Modi and Choksi left the country last month.

Rotomac: ED notifies exit ports about Vikram Kothari

The Income <a href="http://www.wionews.com/india-news/cbi-registers-case-against-rotomac-directors-for-cheating-seven-banks-33364">Tax Department has attached 14 bank</a> accounts of Rotomac which belong to various banks&nbsp;as the CBI grilled the owner Vikram Kothari today.

Reports said three accounts belong to Vikram Kothari and his family.

The Kanpur-based group is being probed by the CBI and the Enforcement Directorate in connection with an alleged bank loan fraud of Rs 3,695 crore, given by a consortium of seven banks.&nbsp;

The CBI had registered a criminal case against Rotomac, its Director Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari and unidentified bank officials on a complaint received from Bank of Baroda and conducted raids against them on Monday.&nbsp;

The raids continued today with the agency sealing a residential premises and an office of Rotomac directors in New Delhi.

The raids continued today with the agency sealing a residential premises and an office of Rotomac directors in New Delhi.

The Income Tax Department has attached 14 bank accounts of Rotomac which belong to various banks as the CBI grilled the owner Vikram Kothari today. Reports said three accounts belong to Vikram Kothari and his family. The Kanpur-based group is being probed by the CBI and the Enforcement Directorate in connection with an alleged bank loan fraud of Rs 3,695 crore, given by a consortium of seven banks. The CBI had registered a criminal case against Rotomac, its Director Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari and unidentified bank officials on a complaint received from Bank of Baroda and conducted raids against them on Monday. The raids continued today with the agency sealing a residential premises and an office of Rotomac directors in New Delhi.

CBI questions Rotomac owner Vikram Kothari, freezes 14 bank accounts

After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs 800 crore from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India, sources said.

The Kanpur-based company&#39;s owner had taken a loan of more than Rs 800 crore from over five state-owned banks.

Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, the sources said.

According to local media reports, the promoter said speculation of his fleeing the country is baseless.

&quot;I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foriegn countries for business purposes,&quot; Kothari said.

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Rotomac Pens owner <a href="https://twitter.com/hashtag/VikramKothari?src=hash&amp;ref_src=twsrc%5Etfw">#VikramKothari</a> seen at the wedding of Jagran group owner Sanjeev Gupta&#39;s daughter&#39;s wedding in Kanpur yesterday <a href="https://t.co/QiYgL02Giq">pic.twitter.com/QiYgL02Giq</a>
&mdash; ANI UP (@ANINewsUP) <a href="https://twitter.com/ANINewsUP/status/965416441443946497?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank.

A year later, Kothari has reportedly not paid back either the interest or the loan.

Last year, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as &quot;wilful defaulter&quot;.

The company moved the Allahabad High Court seeking removal of its name from the list of wilful defaulter.

A division bench comprising Chief Justice D B Bhosle and Justice Yashwant Verma had passed the order on a petition filed by the company, contending that it has been wrongly declared a &quot;wilful defaulter&quot; by BoB despite having &quot;offered assets worth more than Rs 300 crore to the bank since the date of default&quot;.

Rotomac was declared a wilful defaulter vide an order dated February 27, 2017 passed by an authorised committee, as per the procedure laid down by the Reserve Bank of India.

The development comes less than a week after Punjab National Bank (PNB) had detected a $1.77 billion (about Rs 11,400 crore) scam wherein Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

The PNB fraud pertains to issuance of fake LoUs to companies associated with billionaire jeweller Nirav Modi by errant PNB employees, which enabled these companies to raise buyers credit from international branches of other Indian lenders.

Last month, PNB had lodged an FIR with CBI stating that fraudulent LoUs worth Rs 280.7 crore were first issued on January 16. At the time, PNB had said it was digging into records to examine the magnitude of the fraud.

In the complaint, PNB had named three diamond firms - Diamonds R Us, Solar Exports and Stellar Diamonds - saying they had approached it on January 16 with a request for buyers credit for making payment to overseas suppliers.

&nbsp;

After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs 800 crore from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India, sources said

After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs 800 crore from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India, sources said. The Kanpur-based company's owner had taken a loan of more than Rs 800 crore from over five state-owned banks. Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, the sources said. According to local media reports, the promoter said speculation of his fleeing the country is baseless. "I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foriegn countries for business purposes," Kothari said. Rotomac Pens owner #VikramKothari seen at the wedding of Jagran group owner Sanjeev Gupta's daughter's wedding in Kanpur yesterday pic.twitter.com/QiYgL02Giq — ANI UP (@ANINewsUP) February 19, 2018 × Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan. Last year, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as "wilful defaulter". The company moved the Allahabad High Court seeking removal of its name from the list of wilful defaulter. A division bench comprising Chief Justice D B Bhosle and Justice Yashwant Verma had passed the order on a petition filed by the company, contending that it has been wrongly declared a "wilful defaulter" by BoB despite having "offered assets worth more than Rs 300 crore to the bank since the date of default". Rotomac was declared a wilful defaulter vide an order dated February 27, 2017 passed by an authorised committee, as per the procedure laid down by the Reserve Bank of India. The development comes less than a week after Punjab National Bank (PNB) had detected a $1.77 billion (about Rs 11,400 crore) scam wherein Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders. The PNB fraud pertains to issuance of fake LoUs to companies associated with billionaire jeweller Nirav Modi by errant PNB employees, which enabled these companies to raise buyers credit from international branches of other Indian lenders. Last month, PNB had lodged an FIR with CBI stating that fraudulent LoUs worth Rs 280.7 crore were first issued on January 16. At the time, PNB had said it was digging into records to examine the magnitude of the fraud. In the complaint, PNB had named three diamond firms - Diamonds R Us, Solar Exports and Stellar Diamonds - saying they had approached it on January 16 with a request for buyers credit for making payment to overseas suppliers.

Now, Rotomac Pen's Rs 800 crore defaulter flees country

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Rotomac: ED notifies exit ports about Vikram Kothari

CBI questions Rotomac owner Vikram Kothari, freezes 14 bank accounts

Now, Rotomac Pen's Rs 800 crore defaulter flees country