November 30, 2022

CBI indicts Rotomac Global in over 750 crore bank fraud case CBI probes owner of Rotomac pen company, accused of Rs 750 crore bank fraud.

Rotomac Company mainly manufactures pens which has taken loans from many banks. According to the report, this company owes a consortium of 7 banks Rs. 2919 crores. The consortium of banks is led by Indian Bank, in which Indian Overseas Bank holds a 23% stake.

CBI investigating Rotomac fraud case (PTI)

Bank fraud case against Rotomac Pen Company of Kanpur has come up. This bank fraud case is more than Rs 750 crore. The Central Bureau of Investigation (CBI) is probing the matter. This fraud case is related to Indian Overseas Bank. Rotomac Company mainly manufactures pens which has taken loans from many banks. According to the report, this company owes a consortium of 7 banks Rs. 2919 crores. The consortium of banks is led by Indian Bank, in which Indian Overseas Bank holds a 23% stake.

Allegations of bank fraud have been made against Rotomac Global and its directors. The CBI has indicted the company and its directors in the case. Two directors of the company, Sadhana Kothari and Rahul Kothari, have been charged by the CBI in the bank fraud of crores of rupees. A case has been registered against the company and both the directors under IPC Sections 120B (criminal conspiracy) and 420 (cheating). Cases have also been filed under other sections of the Prevention of Corruption Act.

What is the whole thing?

Several cases are already pending against Rotomac Global Company, which are being investigated by CBI and ED. CBI and ED are investigating the Rotomac firm based on the complaint of the consortium of banks. Indian Overseas Bank has also complained to the CBI in this regard. The bank’s complaint has now been made a part of the CBI’s FIR. A non-fund based loan of Rs 500 crore was sanctioned on June 28, 2012, the overseas bank said in the complaint. After 4 years, on June 30, 2016, the company’s account was declared NPA with a debt of Rs 750.54 crore. (updating news)

Leave a Reply

Your email address will not be published. Required fields are marked *