After the CBI and the ED, the Income Tax Department has stepped up action against the Rotomac group and its promoters, attaching 11 bank accounts in connection with an alleged tax evasion probe against them, officials said yesterday
CBI officials at Rotomac Global Private Limited office in Kanpur on Monday. Pic/PTI
After the CBI and the ED, the Income Tax Department has stepped up action against the Rotomac group and its promoters, attaching 11 bank accounts in connection with an alleged tax evasion probe against them, officials said yesterday.
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The accounts in various bank branches in Uttar Pradesh were attached on Monday night. The provisional attachment action has been carried out to “recover outstanding tax demands”, understood to be about R85 crore, the officials said. Three bank accounts of the group were attached last month by the department, they said.
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The Kanpur-based group is being probed by the CBI and the Enforcement Directorate in connection with an alleged bank loan fraud of Rs 3,695 crore, given by a consortium of seven banks. The CBI had registered a criminal case against Rotomac Global Pvt Limited, its Director Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari and unidentified bank officials on a complaint received from Bank of Baroda and conducted raids against them on Monday.
It was alleged in the complaint from the Bank of Baroda that conspirators cheated a consortium of banks regarding loans to the tune of Rs 3,695 crore including the interest component, CBI officials said. The ED subsequently registered a money laundering case against them.
BoB on the scam
The state-owned Bank of Baroda (BoB) yesterday said it has an exposure of Rs 456.6 crore in the Rotomac Global.
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