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CBI files charge sheet in Rotomac loan default case
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SME Times News Bureau | 21 May, 2018
The CBI on Monday filed a charge sheet against Rotomac Global company in
a Rs 456.63 crore alleged loan default to the Bank of Baroda, accusing
its promoters Vikram Kothari and his son of criminal conspiracy,
cheating and fraud, officials said.
The Central Bureau of
Investigation (CBI), while filing the charge sheet before a special CBI
court here, said more charge sheets will follow soon in the probe, which
it had taken over, in a loan default of Rs 3,690 crore to seven banks,
officials said.
Both Kothari and his son Rahul are under judicial custody under the Prevention of Corruption Act.
The
CBI, in its charge sheet, has also alleged that directors of the
Rotomac company diverted loan funds that were issued for packing works
for other purposes.
Other than officials of the Kanpur-based
company, bank officials including former AGM S.K. Upadhyay, the then
bank manager Shashi Biswas and senior bank manager Om Prakash Kapoor
have also been charged under several provisions of the Prevention of
Corruption Act, officials said.
The agency has also alleged that
the company had taken loans to the tune of Rs 2919 crore from seven
banks between 2008-2017 which when added with interest totalled a
staggering Rs 3,695 crore.
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