Chargesheets filed against Rotomac owner

Tax sleuths have attached 14 accounts of Rotomac group in various bank branches in Uttar Pradesh

GN Bureau | February 27, 2018


#NPA   #Rotomac Pen   #Vikram Kothari   #Rotomac Global  
Vikram Kothari with CBI officials at Patiala Court (Photo by Arun Kumar)
Vikram Kothari with CBI officials at Patiala Court (Photo by Arun Kumar)

Six chargesheets have been filed against Rotomac owner Vikram Kothari by the income tax department.

The chargesheets were filed on Monday, a day that also saw Nirav Modi-Mehul Choksi Rs 11,000 crore scam increasing by Rs 1,300 crore.

The prosecution complaints were filed in a special court in Lucknow under various sections of the Income Tax Act, reported Indian Express.

The tax sleuths had attached 14 accounts of the group in various bank branches in Uttar Pradesh. These assets were attached to “recover outstanding tax demands” of about Rs 106 crore from the group.

Rotomac group is being probed in connection with the alleged swindling of Rs 3,695 crore of loan funds advanced by a consortium of seven banks.

CBI had filed a criminal case against Rotomac Global Pvt Limited, its director Vikram Kothari, his wife Sadhana Kothari, son Rahul Kothari and bank officials based on a complaint from Bank of Baroda. The ED also registered a money laundering case against them, reported Business Standard.

In the Nirav Modi-Mehul Choksi scam that is still unravelling, Punjab National Bank has revealed additional unauthorised transactions, increasing the estimated size of the fraud by $204 million (Rs 1,322 crore). This increase means that the total fraud now amounts to nearly $2 billion (Rs 12,622 crore) as against the original estimated $1,772 million (over Rs 11,300 crore), reported Times of India.

Comments

 

Other News

How about flagging candidates with criminal past on ballot?

The concept of the ‘Rule of Law’ is the basic structure of our constitution. It becomes imperative to observe the rule of law in order to run the country according to the constitutional provisions. However, in reality, often politicians with criminal records get elected and even become part of

Advocating for Cities Where the Poor and Women Count

The Citymakers: How Women Are Building a Sustainable Future for Urban India, published by Hachette India this month, narrates the genesis and journey of the Mahila Housing SEWA Trust (MHT), set up in 1994 to respond to t

‘Media worst affected with massive job losses’

Coming down heavily on the government for economic de-growth and job losses, Congress national spokesperson Supriya Shrinate has said that even before the Covid pandemic struck, the economy  had been falling down for eight consecutive quarters. The former journalist said that while the

Covid-19: Maintain caution, say new MHA Guidelines

The ministry of home affairs (MHA) on Wednesday issued an ‘Order with Guidelines for Surveillance, Containment and Caution’, effective for the month of December, noting that “to fully overcome the pandemic, there is need to maintain caution and to strictly follow the prescribed containmen

Lakshmi Vilas Bank to be amalgamated with DBS Bank India

The scheme of amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL) has been approved by the union cabinet on Wednesday. On November 17, to protect depositors’ interest and in the interest of financial and banking stability, on RBI’s application und

Changing landscapes of govt schools in rural India

Education is one of the primary requisites that contribute to the holistic development process of self and society. Article 21A of the Constitution considers “free and compulsory education of all children in the age group of six to fourteen years as a Fundamental Right.” In India, the majority

Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter