LUCKNOW: Rotomac Global promoter–director Vikram Kothari and his son Rahul Kothari has been sent to CBI remand for 11 days for further interrogation in connection with the alleged Rs 3,695 crore wilful loan default case here on Saturday.
The remand period will be deemed having commenced on February 24 and it would end on March 7, 2018.
Earlier, the investigating agency had produced the duo in a CBI court after bringing them on transit remand. Judge MP Chaudhari initially took them into judicial custody but later sent them to the CBI after hearing their plea.
While both the accused have been charged with cheating a consortium of seven nationalised banks, Vikram Kothari’s wife Sadhna has also been accused in the case.
Bank of Baroda had lodged an FIR in the case on February 18, 2018 and the case was handed over to the probe agency. CBI’s deputy SP GM Rathi had moved an application seeking 14-day custody of the accused for interrogation in order to extract information about the involvement of others in the fraud. The CBI had also sought seizure of the passport of accused so that they could not escape the country after allegedly committing multi-crore fraud involving the tax payers money.
As per the FIR, Kothari’s companies had taken a loan of Rs 2,919 crore from a consortium led by Bank of India and comprising Bank of Baroda, Indian Overseas Bank, Union Bank of India, Allahabad Bank, Bank of Maharashtra and Oriental Bank of Commerce in 2008-09.
However, it is alleged that the directors cheated the banks by diverting funds so raised in connivance with certain bank officials. The instances were allegedly found where the credit sanctioned and disbursed to the company was used for purposes other than execution of the claimed export orders.
The FIR also cites a case in which the credit sanctioned for an export order purportedly received from Singapore for the supply of wheat was diverted to another company named Bargadia Brothers Private Limited of Chhattisgarh.
The CBI had arrested the accused on February 23, 2018.