Tax sleuths have attached 14 accounts of Rotomac group in various bank branches in Uttar Pradesh
GN Bureau | February 27, 2018
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.
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