IT dept attaches 4 immovable properties of Rotomac Group

National Stock Exchange

Mumbai: State-owned Bank of Baroda (BoB) on Tuesday said it has an exposure of Rs456.6 crore in the Rotomac Global, now being investigated by Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) in connection with an alleged bank fraud of Rs3,695 crore.

Just days after millionaire jeweller Nirav Modi's massive banking scam came into limelight, the Central Bureau of Investigation (CBI) has now filed an FIR against Vikram Kothari, chief of Rotomac Pens, for wilfully defrauding loans worth crores of Rupees from various banks. His properties across New Delhi aand Kanpur have been searched and seven banks are said to have lent loans for the businessman.

The Rotomac pen company owner had taken loans from the Indian Overseas Bank, Bank of Maharashtra, Bank of Baroda, Bank of India, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.

Further details are awaited.

"As per initial estimate, the suspected tax evasion by Kothari and his Group is to the tune of Rs 80 crore". There have been no arrests in the case yet, CBI spokesperson Abhishek Dayal categorically said.

In executing the Rs 3,700-crore loan fraud, the promoters and directors of Rotomac Global Private Limited kept the lenders in the dark by submitting the fake documents in the name of fictitious companies in connection with merchant trading.

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"In this regard we clarify as under that the bank has sanctioned certain credit facilities to the Rotomac group companies in the past as per laid down norms, under consortium arrangements", it said in a regulatory filing.

On Tuesday, the Enforcement Directorate (ED) had notified all the land, sea and airports in the country to prevent the exit of Vikram Kothari, and his family members from India, in connection with its money laundering probe.

The case was filed under the Prevention of Money Laundering Act (PMLA), after studying the CBI FIR that was registered on Sunday.

As the CBI and the ED probes the Kothari case, he has said he'll fully cooperate with the agencies.

The Kanpur-based company's owner had taken loans from consortium of seven public sector banks. Banks have declared my company non performing asset (NPA), but not a defaulter.

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