Rotomac 'fraud' Rs 3695cr - News Summed Up

Rotomac 'fraud' Rs 3695cr


Our BureauPolice personnel outside Rotomac Global Private Limited MD Vikram Kothari's bunglow after CBI conducted a raid in Kanpur on Monday. News agency PTI had on Sunday said the businessman had cheated some public sector banks of Rs 800 crore. "They cheated the banks by siphoning off bank loans credited to Rotomac Global Pvt Ltd. The loans the family is alleged to have defaulted on include Rs 754.77 crore (Bank of India), Rs 456.63 crore (Bank of Baroda), Rs 771.07 crore (Indian Overseas Bank), Rs 458.95 crore (Union Bank of India), Rs 330.68 crore (Allahabad Bank), Rs 49.82 crore (Bank of Maharashtra) and Rs 97.47 crore (Oriental Bank of Commerce). Agency sources said Bank of Baroda had tipped off the agency about the alleged fraud on Sunday night.


Source: The Telegraph February 19, 2018 21:22 UTC



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