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

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Indian Railways celebrates 171 years of its pioneering journey

The Indian Railways is celebrating 171 glorious years of its existence. Going back in time, the first train in India (and Asia) ran between Mumbai and Thane on April 16, 1853. It was flagged off from Boribunder (where CSMT stands today). As the years passed, the Great Indian Peninsula Railway which ran the

Vasudhaiva Kutumbakam: How to connect businesses with people

7 Chakras of Management: Wisdom from Indic Scriptures By Ashutosh Garg Rupa Publications, 282 pages, Rs 595

ECI walks extra mile to reach out to elderly, PwD voters

In a path-breaking initiative, the Election Commission of India (ECI), for the first time in a Lok Sabha Election, has provided the facility of home voting for the elderly and Persons with Disabilities in the 2024 Lok Sabha elections. Voters above 85 years of age and Persons with Disabilities (PwDs) with 4

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter