Vikram Kothari and Rahul Kothari, directors of Rotomac Global have been alleged to have 'cheated' Bank of Baroda (BoB) at its International Business Branch (IBB) at The Mall Kanpur to the tune of Rs 456.63 crore. This was mentioned in the CBI remand application filed in the Chief Metropolitan Magistrate court at Patiala House, New Delhi seeking two day transit custody.
The application also states that Rotomac did not repay the loan amount totalling to Rs 2919.39 crore to six other banks.
According to the CBI application, it is alleged in the FIR that the Kotharis also misused the packing credit facilities sanctioned by the Bank of Baroda for Rs 15.50 crore disbursed on 25 January, 2012 for executing an export order of $41.82 lakh. Out of this amount, the application states, the Kotharis utilised Rs 5.35 crore for imports of gems and jewellery from M/s Madrid Implex. They also misused the packing credit limit for the export order for Ms/Star Com Resources Pte, Singapore for supply of 15700MT at $281 PMT which was disbursed on 26 May, 2014 for Rs 14.60 crore and on 30 May 2014 for Rs 19.12 crore.
The application states that during the course of the investigation, it has been revealed that Rotomac Global were routing transactions through Pacific Global and M/s Bunge for which discount of 1.865 percent was deducted by the overseas importer without having business transactions as it was done as mercantile trade.
Updated Date: Feb 23, 2018 17:16 PM