Published: Wed, February 21, 2018
Health Care | By Oscar Goodwin

CBI raids Rotomac Pens owner's residence

CBI raids Rotomac Pens owner's residence

The probe agency questioned Kothari, his wife and his son.

The Enforcement Directorate (ED) today 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 CBI had on Sunday registered an FIR against directors Vikram Kothari, Sadhana Kothari and Rahul Kothari, and unknown bank officials for allegedly defaulting on a loan of Rs 2,919 crore, according to a complaint by the Bank of Baroda. The raids were conducted on Monday as well.

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The report also says that Rotomac Global Pvt Ltd, engaged in intermediary trade and manufacturing pens, routinely approached seven banks, including Bank of Baroda's (BoB's) worldwide business branch at The Mall, Kanpur, seeking credit ranging from Rs 15 crore to Rs 200 crore from 2008 to 2013, mostly for exports and imports. On Feb. 18, he, along with wife Sadhana and son Rahul, was booked for conspiring with some bank officials to dupe seven banks of almost Rs3,700 crore ($574 million), a CBI official who didn't want to be identified, told Quartz. Their questioning continued on Tuesday, the CBI said.

Central Vigilance Commissioner K V Chowdary also swung into action, meeting officials of Punjab National Bank and Finance Ministry in connection with the Rs 11,400 crore fraud case.

The Kanpur-based company's owner had taken loans from consortium of seven public sector banks. However, Kothari denied reports that he has left the country. "As per directions of Hon'ble High Court, the process was re-initiated and the company and its directors were again declared wilful defaulters on 19.07.2017", BoB said.

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He said a residential apartment and office premises of the accused in Delhi have been sealed. Rotomac Global was named a wilful defaulter in 2017 by BOB (pdf). Bank of India shares fell by 4.07 percent followed by Allahabad Bank (3.45 percent), Oriental Bank of Commerce (1.80 percent), Bank of Maharashtra (1.25 per cent) and Indian Overseas Bank (0.60 percent).

The company adopted two different methods for diverting the funds-loans for exports were round tripped from overseas and loans taken for purchasing export goods were used domestically without executing any export order.

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