rotomac scam

Rotomac promoter Vikram Kothari is being investigated by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for an alleged fraud of Rs 3,700 crore.

Rotomac Global Pvt Ltd, engaged in intermediary trade and manufacturing pens, routinely approached seven banks, including Bank of Baroda's international business branch at The Mall, Kanpur, seeking credit ranging from Rs 15 crore to Rs 200 crore from 2008 to 2013.

The CBI on Monday registered an FIR against Rotomac Pens Chairman and MD Vikram Kothari for allegedly swindling Rs 800 crore from five state-owned banks. Kothari, his wife and son have been taken into CBI custody for questioning

Mumbai, Mar 6 () Even as quantum of dud assets, and allegations of irregularities, keep on increasing, there has been a dip in cases of wilful defaults taken to court by the banks in the three months to December last year.