Rotomac owner’s ‘wilful loan default’ pegged at ₹3,695 crore
The CBI has registered a case of ₹3,695-crore wilful bank loan defaults involving Rotomac owner Vikram Kothari and others.
In the early hours of Monday, the CBI initiated searches on three premises of the accused persons. Mr. Kothari, wife and son were being questioned in Kanpur.
Vikram Kothari, wife and son are being questioned in Kanpur
The loans in question were availed from several public sector banks, including Bank of India, Allahabad Bank, Indian Overseas Bank, Bank of Baroda and Union Bank of India.
Bank of Baroda’s move in February last year
It is alleged that in February last year, Bank of Baroda declared Rotomac Global Private Limited as a “wilful defaulter.”
The company then moved the Allahabad High Court seeking the removal of its name from the list of wilful defaulters.
It is alleged that in February last year, Bank of Baroda declared Rotomac Global Private Limited as a “wilful defaulter.” The company then moved the Allahabad High Court seeking the removal of its name from the list of wilful defaulters.
The banking scam has surfaced in the backdrop of Rs 11,384 crore alleged fraud reported by Punjab National Bank, involving billionaire Nirav Modi and his uncle, Mehul Choksi.
Rotomac Global Pvt Limited was given bank loans worth Rs 2,919 crore from 2008 onwards by a consortium of banks led by Bank of India which have swelled to Rs 3,695, including the accrued interest, because of repeated defaults on payment, the officials said.
The principal exposure of the banks with regards to the loan is Bank of India Rs 754.77 crore, Bank of Baroda Rs 456.63 crore, Overseas Bank of India Rs 771.07 crore, Union Bank of India Rs 458.95 crore, Allahabad Bank Rs 330.68 crore, Bank of Maharashtra 49.82 crore and Oriental Bank of Commerce Rs 97.47 crore, they said.
The loans were being advanced to the company from 2008 onwards, the Bank of Baroda has alleged.
The case against Rotomac Global Pvt Limited, its directors Vikram Kothari, his wife Sadhana Kothari, and son Rahul Kothari and unidentified bank officials was filed on a complaint received from Bank of Baroda, they said.
–NEW DELHI, FEBRUARY 19, 2018