In Rs 456.63 crore loan default case, CBI chargesheets Rotomac promoters
The Central Bureau of Investigation following a three month probe has chargesheeted Rotomac Global Pvt Ltd and its promoters in connection with the Rs 456.63 crore loan default case involving the Bank of Baroda.
After
a
three-month
probe,
the
charge
sheet
was
filed
in
a
special
court
in
Lucknow.
It
deals
with
Rs
456.63
crore
loan
of
Bank
of
Baroda
as
the
probe
into
the
remaining
amount
was
still
continuing,
they
said,
adding
that
more
charge
sheets
could
be
filed
in
the
case.
Taking the charge sheet on record, special CBI judge M P Chaudhari fixed May 30 as the next date of hearing.
Besides Kanpur-based Rotomac Global Pvt.Ltd, the CBI has also charged its CMD Vikram Kothari, his son and director Rahul Kothari, then AGM of Bank of Baroda S K Upadhyay, then Senior Manager of the bank Om Prakash Kapoor, and then bank manager Shashi Bishwas, they said.
The agency has charged Vikram Kothari and his son, who are in judicial custody, and others with alleged criminal conspiracy, cheating among others and under provisions of the Prevention of Corruption Act.
The CBI has alleged that the directors of the company diverted loan funds, issued for packing credit, to other purposes.
A consortium of seven nationalised banks has given loans worth Rs 2,919 crore to Rotomac Global Private Limited from 2008 onwards, the CBI FIR has alleged.
The amount swelled to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.
The CBI has initiated the action on the complaint of Bank of Baroda, which was a member of consortium led by Bank of India, they said.
The principal exposure of the banks regarding the loan is Bank of India Rs 754.77 crore, Bank of Baroda Rs 456.63 crore, Overseas Bank of India Rs 771.07 crore, Union Bank of India Rs 458.95 crore, Allahabad Bank Rs 330.68 crore, Bank of Maharashtra Rs 49.82 crore and Oriental Bank of Commerce Rs 97.47 crore, the agency said.