CBI Registers Case Against Rotomac For Cheating Bank Of India Of Rs 806 Crore
New Delhi: The Central Bureau of Investigation (CBI) has registered a case against prominent pen manufacturer Rotomac Global Pvt Ltd and its promoter Vikram Kothari, his wife Sadhna Kothari and son Rahul Kothari. They have been accused of cheating Bank of India of Rs 806 crore.
This is the third case of cheating the banks filed against the Kanpur-based Kotharis.
CBI had filed its first case against Rotomac back in 2018 when the Kotharis were accused of cheating a seven-bank consortium that included Bank of Baroda, Indian Overseas Bank, Union Bank of India, Allahabad Bank, Bank of Maharashtra and Oriental Bank of Commerce and Bank of India. They allegedly defrauded Rs 3,695 crore.
The allegation against Kothari was that he got loans disbursed based on foreign letters of credit (FLCs) to make payments to off-shore companies in Dubai, Sharjah and Hong Kong which were non-existent.