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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Punishment for those disrupting assembly proceedings, warns Speaker UT Khader
Belagavi: Speaker U.T. Khader on Friday warned that members who disrupt Assembly proceedings by talking in their seats during debates will be made to sit in the House for an entire day as a disciplinary measure.
The warning came after the Question Hour, when Deputy Leader of the Opposition Arvind Bellad was permitted to initiate a discussion on the development of North Karnataka.
At this point, expelled BJP MLA Basanagouda Patil Yatnal objected, stating that he had been seeking a debate for the past three days but had not been given an opportunity.
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Responding to the objection, Speaker Khader said Bellad had already been granted permission and assured Yatnal that he would be allowed to speak at the next opportunity. He noted that even as a serious discussion was underway, several MLAs were speaking among themselves with their microphones on, disrupting the proceedings.
Expressing displeasure over the conduct of members, Khader likened the situation to football, where players receive red, yellow, or white cards for violations. Similarly, he said, the Assembly issues warning cards to members who disturb the House. If they fail to correct themselves despite repeated warnings, they would be required to remain seated in the Assembly hall for a full day as punishment, he stated.
