Bank of Baroda fraud case: CBI files chargesheet against Rotomac Chairman Vikaram Kothari
The Central Bureau of India has filed charge sheet against Rotomac Global Pvt Ltd and its Chairman cum Managing Director Vikaram Kothari, Director Rahul Kothari and former bank officials in connection with Bank of Baroda fraud case amounting to Rs 456.63 Crore.
The Rotomac bank fraud began in 2008 and amounted to "misappropriation of funds, criminal breach of trust and violation of FEMA (Foreign Exchange Management Act) guidelines," a senior CBI official said, requesting anonymity.
A consortium of seven public sector banks had given Rotomac Global bank loans worth Rs2,919 crore since 2008, the CBI FIR has said. The amount swelled to Rs3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.
The banking scam has surfaced in the backdrop of Rs 11,384 crore alleged fraud reported by Punjab National Bank, involving billionaire Nirav Modi and his uncle, Mehul Choksi.
(With PTI inputs)