ED attaches Rs. 177 crore assets of Rotomac global

New Delhi, [India] May 29 (ANI): Owing to a bank fraud case, the Enforcement Directorate (ED) on Tuesday attached assets worth Rs. 177 Crore owned by Rotomac Global and its directors under Prevention of Money Laundering Act (PMLA).

Previously on February 27, Income Tax (IT) Department filed 12 prosecution cases against Rotomac Global under various sections of the IT Act, 1961 in connection with the alleged loan default of Rs 3,695 crore.

A special CBI court on February 24 handed over the custody of Rotomac pens owner Vikram Kothari and his son Rahul Kothari to the Central Bureau of Investigation (CBI) for allegedly cheating a consortium of seven nationalised banks.

The CBI had earlier registered an FIR against Kotharis who allegedly owe Rs 754.77 crore to the Bank of India, Rs 456.63 crore to the Bank of Baroda, Rs 771.07 crore to the Indian Overseas Bank, Rs 458.95 crore to the Union Bank of India, Rs 330.68 crore to the Allahabad Bank, Rs 49.82 crore to the Bank of Maharashtra and Rs 97.47 crore to the Oriental Bank of Commerce.

The father-son duo was arrested by the CBI in Delhi after the agency alleged that they were not cooperating with the probe.(ANI)

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