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PNB probe widens, Oppn targets PM

CBI starts grilling Rotomac owner Kothari, his son

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ED officials raid a jewellery store in connection with Nirav Modi-PNB scam on Wednesday
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The Central Bureau of Investigation (CBI) has questioned industrialist Vikram Kothari, owner of Rotomac group, and his son Rahul Kothari at its Headquarters in Delhi. The Kothari duo were brought to Delhi from Kanpur on Tuesday night.

The Kotharis are accused of defaulting a loan of Rs 3,695 crore towards a consortium of seven nationalised banks. This was the third consecutive day that the probe agency questioned them.

In a related development, Bank of India on Wednesday said it had sanctioned some loan to Rotomac group of companies as a consortium lender and that had turned into a non-performing asset (NPA) or bad loan in the 2015-16 fiscal for which it has already made 100 per cent provisioning.

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

Kothari, his wife Sadhana, and son Rahul — all Directors in Rotomac Global pvt Ltd — have allegedly diverted the bank loans towards purposes other than what they were meant for. One of the consortium members, Bank of Baroda, had approached the CBI requesting an FIR against Kothari as the bank apparently feared he might leave the country.

Earlier, Kothari was being questioned in Kanpur where his company and residence is located. The CBI registered a case on February 18 after receiving the complaint. Initially, the alleged scam was estimated to be of Rs 800 crore, but after the CBI started probe into the accounts of the Rotomac Global Private Limited, it was found that the company had allegedly taken loans from Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad ank and Oriental Bank of Commerce.

The CBI alleged that the accused had cheated a consortium of seven banks by siphoning of loans to the tune of Rs 2,919 crore. The total outstanding amount along with interest and liabilities for the company were pegged at Rs 3,695 crore, the probe agency alleged.

ALLEGATIONS

  • Rotomac is accused of siphoning of loans worth Rs 2,919 crore
     
  • Total outstanding amount with interest stands at Rs 3,695 crore
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