CBI pegs Rotomac’s loan fraud at Rs 3,695 crore

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New Delhi: The Central Bureau of Investigation which took over the probe into the Rotomac case says that a consortium of 7 banks had been cheated.

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However, the CBI has made another startling revelation that the amount is way beyond Rs 800 crore as had been reported earlier.

It was found that the total amount was Rs 2,919 crore. However along with liabilities and interest, the total outstanding amount is Rs 3,695 crore, the CBI has found.

CBI sources revealed that Rotomac had cheated a consortium of 7 banks. The officer said that the banks loans were siphoned off and excluding interest the amount was Rs 2,919 crore.

The banks are the Indian Overseas Bank, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Bank of Maharashtra and Bank of Baroda.

Meanwhile, the CBI raided several locations in Kanpur. It even questioned Rotomac owner, Vikram Kothari. The agency also questioned the wife and son of Kothari. Further, the CBI also sealed the residence of some Rotomac directors and also its office in New Delhi.

Meanwhile, amidst rumours of Kothari fleeing, he clarified that he was very much in India. His advocate too issued a statement in which he said that the case was not amounting to fraud but of loan default. The CBI source said that they are probing the case and are trying to find out if the loan amount had been moved out of India or not. We will probe under the provisions of the Prevention of Money Laundering Act if concrete evidence crops up, the CBI officer also said.

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