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rotomac case: i-t dept files six chargesheets against vikram kothari




the income tax department on monday said it had filed six chargesheets against rotomac owner vikram kothari for alleged tax evasion. these plaints were filed in a special court in lucknow under various sections of the income tax act, sources said. the tax official had earlier attached four immovable...



after pnb and rotomac, cbi exposes three fresh cases of financial frauds




three fresh incidences of financial fraud have come to light as the cbi filed cases against a jeweller, a businessman and a public servant on complaints by three different banks earlier this week, an official said on saturday.oriental bank of commerce 3.9 billion fraud on thursday, the central burea...



rs 114-bn scam: cbi questions pnb ceo sunil mehta, director brahmaji rao




the cbi on saturday questioned punjab national bank (pnb) managing director-cum-ceo sunil mehta and executive director k v brahmaji rao in connection with the rs 114 billion/$1.8 billion bank fraud case. both the officials were called at the central bureau of investigation's (cbi) mumbai branch and ...



rotomac scam: allahabad bank's rs 5.16-bn exposure classified as npa




state-run allahabad bank on wednesday said it has an exposure of rs 5.16 billion to debt-laden rotomac group as on january end and the lender has the required provision for the same as per rbi norms. according to a regulatory filing, the bank said it has an outstanding of rs 430 million to rotomac e...



pnb scam a lesson for banks to be more vigilant: letter to bs




this is in reference to “regulatory lessons” (february 20). banks, irrespective of their nature and ownership, are playing a pivotal role in boosting economic growth and hence need protection from all vulnerabilities. the recent frauds are a big blow to the public sector banks at a time when the...



banks lost nearly rs 17,000 cr to frauds last financial year, says finmin




banks lost a whopping rs 16,789 crore on account of frauds in the last financial year, the finance ministry said in the lok sabha on friday.the reserve bank has informed that as per the fraud monitoring reports submitted by the scheduled commercial banks and select financial institutions, "the amoun...



rotomac promoter in trouble, accused of rs 3,695 crore fraud




after billionaire diamond merchant nirav modi, rotomac pen promoter vikram kothari has landed in trouble with the cbi registering a case against him on charges of siphoning off bank loans to the tune of rs 3,695 crore.besides kothari, the chairman and managing director of kanpur-headquartered rotoma...



bring out white paper on banking system: congress to nda




the congress on sunday claimed "fraudsters" were linked to the "highest echelons" of the bjp-led nda and urged the government to bring out a white paper on the banking system which it said had witnessed scams involving over rs 61,000 crore in the last five years."bank frauds are tumbling out of the ...



'fraudsters' were linked to the 'highest echelons' of nda, alleges congress




the congress today alleged, "fraudsters" were linked to the "highest echelons" of the bjp-led nda and urged the government to bring out a white paper on the banking system which it said had witnessed scams involving over rs 610 billion in the last five years. "bank frauds are tumbling out of the clo...



psbs reported 8,670 loan fraud cases over last five fiscal years: rbi data




investors may have been shocked when one of india's biggest banks disclosed a $1.77 billion fraud by a billionaire jeweller, but the central bank has recorded data that shows the problem runs far deeper and wider.reserve bank of india (rbi) data, which a reuters reporter obtained through a right-to-...



feeling unsafe amid digitisation push? go for a cyber insurance cover




the government’s thrust on financial digitisation has had an unwanted byproduct – a rise in cybercrime. according to recent reports, the government is planning to set up a cyber-forensic laboratory-cum-training centre for police officials in each state. cybercrimes have risen consistently in the...



banks lost nearly rs 17k cr to frauds last fiscal, says minister




banks lost a whopping rs 16,789 crore on account of frauds in the last fiscal, the finance ministry said in the lok sabha today.the reserve bank has informed that as per the fraud monitoring reports submitted by the scheduled commercial banks and select financial institutions, "the amount lost on ac...



fir against rotomac promoter for rs 800 cr bank fraud




the cbi has registered an fir against rotomac pen promoter vikram kothari on the basis of a complaint from bank of baroda for reportedly swindling over rs 800 crore, officials said here on monday.the agency started searching his residence and offices in kanpur from early in the morning, they said.th...



trouble for vikram kothari, cbi registers fir against rotomac promoter




the cbi has registered an fir against rotomac pen promoter vikram kothari on the basis of a complaint from bank of baroda for allegedly swindling over rs 800 crore, officials said here today. the agency started searching his residence and offices in kanpur from early in the morning, they said. there...



the treadmill of business frauds: from 1957 lic scandal to pnb scam




every country has its share of business frauds but india’s are unique in that they have almost consistently involved the failure of the financial system and/or regulatory loopholes that businessmen have exploited. that has been the case from the rs 12.6 million haridas mundhra-life insurance corpo...



rotomac pens rs 37 bn-loan fraud: cbi questions vikram kothari in delhi




the cbi on wednesday started questioning of rotomac owner vikram kothari at its headquarters in new delhi in connection with alleged loan default of rs 36.95 billion (rs 3,695 crore) towards a consortium of seven nationalised banks, officials said. earlier, kothari was being questioned in kanpur, wh...



rotomac owner, son sent to 1-day transit remand




a delhi court on friday allowed one-day transit remand to the cbi to take rotomac owner vikram kothari and his son rahul to lucknow to produce them before a court in connection with a rs 3,695-crore loan default case.the cbi said their presence in uttar pradesh was required to recover the money that...



rotomac fraud: i-t attaches assets in kanpur, ahmedabad




the income tax (i-t) department on wednesday said it has attached four immovable assets of the rotomac group and its promoters in connection with an alleged tax evasion probe against them. they said the properties, three in kanpur and one in ahmedabad, were provisionally attached on tuesday. in anot...



nicki minaj loves this vid of selena gomez rapping ‘no frauds’




nicki minaj and remy ma have drawn their battle lines, and it’s time to choose a side. selena gomez, for one, has already declared her allegiance, and it should come as no surprise to anyone who’s followed her well-documented history of car ride rap-a-longs.selena went full #teamnicki today by s...



nicki minaj loves this vid of selena gomez rapping ‘no frauds’




nicki minaj and remy ma have drawn their battle lines, and it’s time to choose a side. selena gomez, for one, has already declared her allegiance, and it should come as no surprise to anyone who’s followed her well-documented history of car-ride rap-a-longs.selena went full #teamnicki today by s...



another nirav modi in making? rotomac pen's rs 8 bn defaulter flees country




after billionaire diamantaire nirav modi, another defaulter vikram kothari, the promoter of rotomac pen, has also allegedly gone abroad after swindling rs 8 billion from various public sector banks including allahabad bank, bank of india and union bank of india, sources said. the kanpur-based compan...



cbi arrests rotomac owner kothari, son




after four days of questioning, the cbi on thursday arrested rotomac promoter vikram kothari and his son rahul in connection with charges of siphoning off rs 3,695 crore loans given by a consortium of seven banks.kothari and son were asked to report in delhi on wednesday after two days of questionin...



cbi begins questioning of rotomac owner kothari




the cbi today started questioning of rotomac owner vikram kothari at its headquarters in connection with alleged loan default of rs 3,695 crore towards a consortium of seven nationalised banks, officials said here. earlier, kothari was being questioned in kanpur where his company and residence is lo...



rotomac owner vikram kothari arrested by cbi




the cbi today arrested rotomac owner vikram kothari and his son rahul, both directors in the company, for alleged default on loan repayments to the tune of rs 3,695 crore, officials said here.kothari, who was called at the agency headquarters here for questioning, and rahul were not cooperating in t...



rotomac owner kothari denies rumours: i am in india and not running away




nirav modi, the 47-year-old billionaire jewellery designer has been the centre of the news for rs 114-billion banking fraud at punjab national bank. modi left the country on january 1 even before a case was registered against him. following nirav modi's footsteps, another defaulter vikram kothari, t...