ED attaches Rotomac properties worth Rs 177 cr
New Delhi, May 29 : The Enforcement Directorate (ED) on Tuesday said it has attached Vikram Kothari owned Kanpur-based Rotomac Global's properties worth Rs 177 crore in connection with a money laundering case involving an alleged bank fraud amounting to Rs 3,695 crore.
The attached properties of the company and those of its directors are located in Uttar Pradesh's Kanpur, Gujarat's Ahmedabad and Gandhinagar, Uttarakhand's Dehradun and Maharashtra's Mumbai, an official of the financial probe agency said.
The ED's action comes under the Prevention of Money Laundering Act (PMLA), 2002, on the basis of a Central Bureau of Investigation's First Information Report.
The probe had revealed that the accused persons in the guise of merchants, without having any genuine business transactions, defaulted in meeting its payments obligation to the bank by diverting and siphoning off the funds.
"The investigations have revealed that Rotomac Global Pvt. Ltd. has indulged in merchanting trade with limited number of buyers and seller, wherein it used to receive back the discounted LC (letters of credit) amount from the overseas beneficiary after deduction of 1.5 to two per cent commission by them either directly into the accounts of Rotomac group companies or into the accounts of overseas companies controlled by Vikram Kothari," the agency said in a statement.
"Their discounted LC amount thereafter have been used by Rotomac Global Pvt. Ltd. for other business activities such as FDR, iron ore purchase and investment in real estate," it said.
The ED and the CBI had filed a case in February after the Bank of Baroda filed a complaint against Kothari, his wife Sadhana, his son Rahul and some unidentified bank officials and private persons.
Kothari is the Chairman and Managing Director of the Rotomac group while his wife and son are directors.
According to the CBI FIR, Kothari had obtained Rs 2,919 crore from various banks, including from the Bank of India (Rs 754.77 crore), Bank of Baroda (Rs 456.63 crore), Indian Overseas Bank (Rs 771.07 crore), Union Bank of India (Rs 458.95 crore), Allahabad Bank (Rs 330.68 crore), Bank of Maharashtra (Rs 49.82 crore), and Oriental Bank of Commerce (Rs 97.47 crore).
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PM Modi is controlled by Donald Trump, wants to do the same in TN: Rahul Gandhi
Ranipet (Tamil Nadu) (PTI): Congress leader Rahul Gandhi on Saturday alleged that Prime Minister Narendra Modi was being "controlled" by US President Donald Trump and that the PM wanted the AIADMK to capture power so that he could control Tamil Nadu Chief Minister.
Also, he claimed that the prime minister "handed out our energy security and gave away our data, besides selling our farmers and small and medium industries."
"You saw yesterday (in Parliament) the face of Prime Minister Narendra Modi completely lacking confidence," Rahul said on the delimitation bill.
"He (PM) could not even face the opposition. He was sitting sideways. And the reason is, he is controlled by the United States. He signed the India-US deal that sold our country out," Rahul said while addressing an election rally here.
He further said, "Today, if Donald Trump tells Modi to jump, Modi jumps. If Donald Trump tells Modi to lie down, Modi lies down. Why? Because Donald Trump controls Modi fully. How does he control him? He controls through the Epstein files. He controls him because he knows Modi's financial systems and understands Modi's link with Adani," the Congress leader alleged.
Just as he was being controlled by Trump, Modi wanted to do the same to the chief minister of Tamil Nadu. "That is why he wants to put AIADMK in power in TN," Rahul said.
The Union government had rejected references to PM Modi in the latest Jeffrey Epstein case files, describing it as “little more than trashy ruminations by a convicted criminal that deserves to be dismissed with the utmost contempt”.
