I-T Dept Attaches 11 Bank Accounts in Rotomac Bank Fraud

February 20, 2018

The Income Tax Department has taken action against the Rotomac group and its promoters after CBI. It is expected that there are 11 bank accounts in connection with an alleged tax evasion probe against them.

Last night, depth investigation revealed that the accounts in various bank branches in Uttar Pradesh were attached with the case.

CBI official stated that a provisional attachment action has been conducted in order to recover outstanding tax demands, which is expected to be about Rs 85 crore.

A CBI official stated that the case was registered late on Sunday night, upon a complaint by the Bank of Baroda. The complaint was against the company, Rotomac Global Pvt. Ltd, and its directors Vikram Kothari, Sadhana Kothari and Rahul Kothari.

After filling the FIR, the agency carried out searches across three places in Kanpur on Monday. CBI questioned all three accused directors individually. The residential premises are also sealed by CBI that belongs to Vikram Kothari. Along with his property, they also sealed an office of Rotomac directors in New Delhi.

As per the CBI complaint, it says that the Rotomac had cheated a consortium of seven banks. They cheated by siphoning off bank loans of Rs2,919 crore. When the interest was included, it came out of worth Rs3,695 crore.

CBI officials also revealed that Rotomac owed Rs754.77 crore to Bank of India. Out of the total amount Rs456.63 crore owed to Bank of Baroda, Rs771.07 crore to Indian Overseas Bank, Rs458.95 crore to United Bank of India, Rs49.82 crore to Bank of Maharashtra, Rs330.68 crore to Allahabad Bank, and Rs97.47 crore to the Oriental Bank of Commerce.

It was added that Rotomac had sidetracked the sanctioned loans to another fake company. Secretly, this money was routed back to Rotomac.



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