INDIA
CBI filed a charge sheet against Rotomac Global Pvt Ltd and its managing director Vikram Kothari and his son Rahul Kothari in the bank fraud case worth Rs 3,695 crore.
The Central Bureau of Investigation (CBI) filed a charge sheet against Rotomac Global Pvt Ltd and its managing director Vikram Kothari and his son Rahul Kothari in the bank fraud case worth Rs 3,695 crore. Both Vikram and Rahul are in judicial custody. They have been accused of cheating a consortium of seven nationalised banks.
In its charge sheet, the CBI also named former bank officials. CBI in the charge sheet has accused Rotomac, its CMD Vikram Kothari, MD Rahul Kothari; SK Updadhyay, AGM Branch Head at Bank of Baroda, and Om Prakash, the then senior manager and Forex in-charge at Bank of Baroda in Kanpur. Shashi Biswas who was then working as the credit officer in a branch of Bank of Baroda has also been charge sheeted.
The father-son duo was arrested on February 22 by the CBI after the Income Tax (IT) Department filed 12 prosecution cases against the company under various sections of the IT Act, 1961. The agency had registered a case on February 18.
CBI, in the charge sheet, has said that the loan which was sanctioned for fulfilling an export order received from Singapore for supply of wheat was diverted to another company Bargadia Brothers Pte Ltd and was later remitted to Rotomac Global Pvt Ltd.
The investigative agency further said money disbursed by the banks for procurement of goods for export was not utilised for the same purpose and most of the transactions of the above companies were with limited buyers, sellers’ sister companies and their subsidiaries.
This is misappropriation of fund, criminal breach of trust and violation of FEMA guidelines, CBI said. The agency further alleged that the company was betting on interest rate differential in local and foreign currency.
The consortium, which has lent money to the above companies, includes Bank of India (Rs 754.77 crore exposure), Bank of Baroda (Rs 456.63 crore), Indian Overseas Bank (Rs 771.07 crore) and others
Jeet Adani, Diva Shah are now married! Here's why their wedding was more than a mere celebration
IIT-BHU student gets highest package of Rs..., average package in 2025 is...
Music composer Anu Malik sells two Mumbai flats in Santacruz West for Rs..., co-owner is...
Jeet Adani and Diva Shah are now married; video of varmala ceremony goes viral, WATCH
Jeet Adani-Diva Shah wedding: Gautam Adani shares first pics of son's wedding, see here
Can Kejriwal win prestige battle? What are the key factors that dominated Delhi assembly polls 2025?
Subhash Ghai makes big investment, buys plush 4BHK apartment in Mumbai for...
Metovalex App Review 2025: Legit Or Scam Trading AI? - Real User Facts!
Deepinder Goyal's Zomato rebranded Eternal: Everyone has the same question
Thief gifts Rs 3cr house to girlfriend, everyone shocked after...
Who is Meghnad S? YouTuber and journalist who contested Delhi assembly polls 2025 from...
Does Sanya Malhotra's 'Mrs' promote a no-marriage culture among women?
BIG blow to Sundar Pichai as Google loses Rs 17501260000000 due to…
Caring for Ageing Parents? Essential tips to manage health, finances, and well-being
Jeet Adani-Diva Shah wedding: Inside pics from Gautam Adani's son's wedding festivity
Meet Gautam Adani’s daughter-in-law Paridhi Adani: Know about her assets, career, family, and more
Why has Premanand Maharaj stopped his morning yatras at 2 am?
Sonu Sood BREAKS SILENCE on arrest warrant against him in fraud case: 'It is sad that celebs...'
Akshata Murty once confronted her father and Infosys co-founder Narayana Murthy: 'My real dad is...'
Meet Alexis Wilkins, Trump's FBI chief pick Kash Patel's 'mystery girlfriend,' her profession is...
Fire breaks out at Mahakumbh Nagar camp, officials say no casualties reported so far
Who is Mohini Mohan Datta, mystery man set to get Rs 500 crore through Ratan Tata's will?
Cristiano Ronaldo makes shocking statement, breaks Portugal's hearts: 'I never thought about...'
Ludhiana court issues arrest warrant against Sonu Sood in fraud case
Happy Rose Day 2025: Significance of different coloured roses on Day 1 of Valentine's week
Salman Khan REVEALS why he avoids eating beef and pork: 'Main maanta hu meri maa...'
Shah Rukh Khan-Saif Ali Khan vs Aryan Khan-Ibrahim Khan: Who should be in KHNH2!
Why Israel's Benjamin Netanyahu gifted Donald Trump golden pager? It is a reference to...
Mob in Bangladesh destroys ousted PM Sheikh Hasina's family home
ISRO's EOS-06 satellite captures Phytoplankton concentration on global scale
IND vs ENG: Will Virat Kohli play in 2nd ODI vs England? Shubman Gill provides huge injury update
Who is Kiran Chaudhury? PCS officer caught in bribe case, just 4 years after posting
Jeet Adani-Diva Shah's wedding today: Know venue, gifts for guests and more
Meet woman, who works in Rs 163000 crore company, daughter of Hyderabad’s richest man
This is world's greenest railway station, 170 years old, home to over 7,000 plants, it's in....
As Sky Force nears Rs 150 crore, Nimrat Kaur treats househelp, her kids with movie screening
IND vs ENG: Shreyas Iyer creates history, becomes first player to achieve THIS massive milestone
Meet man, India's richest banker, who has bought Rs 202 crore property, his net worth is Rs...
'Heard there was....': Former India head coach provides major update on Virat Kohli's injury
A New Geopolitical Era: India and Israel's Role in the Evolving Middle East
David Warner’s touching moment with fans after Dubai Capitals reaches final of DP World ILT20
India’s Largest Book Stall Network: PrashantAdvait Foundation’s Mission to Revive Reading Culture
Mawra Hocane stuns in pastel mint green lehenga at her wedding to Ameer Gilani
Deepinder Goyal's Zomato changes its name, CEO shares journey of company, it is now called...
Rose Day 2025: Know the date, history, significance of each rose colour ahead of Valentine's day