Rotomac Global cheated banks- Rs 3695 crore fraud
Written by : SMTV24x7 | Mon, Feb 19, 2018, 11:53 PM
New Delhi, Feb 19: Rotomac Global Private Limited cheated a consortium of banks to the tune of Rs 3,695 crore (including interest) by siphoning off loans sanctioned to the company for procurement of wheat and other goods for export.
No export was undertaken, though, according to officials of the Central Bureau of Investigation (CBI) who referred to details given in the Bank of Baroda complaint.
The central agency filed an FIR on Sunday night in the case after getting a complaint against the Rotomac Pen company's chief Vikram Kothari, his wife Sadhana and son Rahul. The complaint said that the consortium of seven banks had extended credits to the Kanpur-based firm and its related companies from 2008 onwards.