Rotomac Owner, Son Questioned In Delhi Over Rs. 3,700-Crore Loan Default

Rotomac Owner, Son Questioned In Delhi Over Rs. 3,700-Crore Loan Default. The Rotomac case corresponds with the CBI’s examination concerning the huge PNB trick in which bank authorities helped Nirav Modi and others get credit from abroad banks utilizing counterfeit certifications.

NEW DELHI: Industrialist Vikram Kothari, the promoter of Rotomac Pens, and his child Rahul Kothari, are being addressed at the CBI office in Delhi after they were brought from Uttar Pradesh’s Kanpur the previous evening. The Kotharis are blamed for defaulting on more than Rs. 3,700 crore in advances from government banks.

Examiners have struck the very rich person’s home and foundations in Kanpur and he and his child were scrutinized throughout the day yesterday.

Vikram Kothari has denied any bad behavior. “Indeed, I took a credit from the bank however it’s wrong data that I haven’t paid,” he said.

The CBI has documented a case in view of a protestation by Bank of Baroda, one of the banks from which Vikram Kothari had taken advances.

Mr Kothari professedly owes Rs. 3,695 crore to Allahabad Bank, Bank of India, Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Oriental Bank of Commerce and Union Bank of India.

The Rotomac case corresponds with the CBI’s examination concerning the gigantic PNB trick in which bank authorities helped Nirav Modi and others get credit from abroad banks utilizing counterfeit assurances. Nirav Modi and his family left the nation in the primary seven day stretch of January.

In February a year ago, Mr Kothari was proclaimed a wilful defaulter. He challenged it in the Allahabad High Court and won however supposedly didn’t pay his levy. All through a year ago, different properties having a place with Mr Kothari and his relatives were sold by banks trying to recoup some of their duty.

In spite of his money related inconveniences, Mr Kothari scarcely cut back on his extravagant way of life. His sprawling ‘Santushti’ manor and an armada of extravagance vehicles are notable in Kanpur.

Vikram Kothari’s dad Mansukhbhai Kothari set up the ‘Dish Parag’ mark that turned into a tremendous achievement.

In 1999, the Kotharis split. Vikram Kothari assumed responsibility of the family’s stationery and pens endeavor while his more youthful sibling Deepak Kothari took control of the Pan Parag domain.

(This Story Originating From NDTV)

Sensex falls more than 100 focuses, slips underneath 34,000; PNB broadens misfortunes

Sensex falls more than 100 focuses, slips underneath 34,000; PNB broadens misfortunes

New Delhi: Indian offers broadened their descending trip on Monday in the midst of frail local signals. The benchmark BSE Sensex slipped beneath the 34,000-stamp by falling about 131 focuses in early exchange as financial specialists cut wagers in the midst of frail residential slant and nonappearance of Asian signals. The 30-share gauge dropped by 130.54 focuses, or 0.38 for every penny, to 33,880.22 in early exchange drove by fall in Tata Steel, SBI, Reliance Industries and L&T.

The check had lost 286.71 focuses in the past session on Friday. The Nifty50 file additionally fell 47.40 focuses, or 0.45 for every penny, at 10,404.90.

Specialists said speculators trimmed positions on particularly feeble feeling since the recognition of a huge Rs 11,400-crore extortion at state-run Punjab National Bank (PNB).

Offers PNB stayed under offering weight and lost another 5.25 for each penny.

Different slow pokes were Tata Steel, SBI, L&T, IndusInd Bank, Adani Ports, M&M, Hindustan Unilever, Bharti Airtel, Asian Paint, Bajaj Auto, Yes Bank, ONGC, Coal India and Reliance Industries, falling up to 3.22 for every penny.

In the mean time, outside portfolio financial specialists (FPIs) kept offering on residential bourses. On net premise, they sold offers worth Rs 1,065.99 crore, while household institutional speculators (DIIs) made buys to the tune of Rs 1,127.78 crore on Friday, temporary information appeared.

Comprehensively, in the Asian locale, Japan’s Nikkei rose 1.33 for each penny, while advertises in Hong Kong and China stayed close today because of an open occasion. The US Dow Jones Industrial Average finished 0.08 for each penny higher on Friday.

(This Story originating from TIMESNOW)

Banks Face Nearly Rs. 20,000 Crore Blow In Nirav Modi Case: Tax Department

Banks Face Nearly Rs. 20,000 Crore Blow In Nirav Modi Case: Tax Department. As of March 2017, banks had expanded advances and ensures worthRs 17,632 crore to organizations attached to tycoon gem dealer Nirav Modi and his uncle Mehul Choksi, the expense division said in a note seen by Reuters.

NEW DELHI: Indian banks could endure a shot of more than $3 billion from advances and corporate ensures gave to precious stone organizations at the focal point of the gigantic misrepresentation case at the state-run Punjab National Bank, the assessment division has evaluated.

As of March 2017, banks had expanded advances and ensures worth Rs. 17,632 crore ($2.74 billion) to organizations attached to very rich person gem dealer Nirav Modi and his uncle Mehul Choksi, the assessment office said in a note seen by Reuters.

From that point forward, the advances and certifications would have expanded over the previous year and the aggregate “hit” to Indian banks “may all around surpass” $3 billion, as indicated by an inner note arranged by the expense expert on its preparatory examination concerning India’s greatest bank extortion case.

As indicated by an objection by PNB, the greatest extortion in Indian saving money history included two junior authorities at a Mumbai bank office issuing “letters of undertaking” to firms connected to Mr Modi and Mr Choksi for them to acquire credit from abroad branches of other Indian loan specialists.

The bank said these fake exchanges had occurred over various years and added up to over Rs. 11,000 crore.

None of these letters of undertaking – basically credit ensures – were recorded on the bank’s inward programming framework and rather were transmitted through the SWIFT interbank informing framework, “consequently keeping away from early location of deceitful action”, the assessment note said.

It said that Mr Choksi’s Geetanjali Gems and its auxiliaries drove by Mr Choksi managed 32 banks. Among those that offered credit to Mr Choksi and Mr Modi, renowned for his chain of stores extending from New York to Beijing, were the Union Bank of India, Allahabad Bank and Axis Bank, the duty note said.

Association Bank of India, another state-run moneylender, said on Friday it has a presentation of about Rs. 2,000 crore as a counter-party loan specialist. Pivot Bank, a private division moneylender, has said it has sold all its introduction identified with the misrepresentation.

Among the discoveries of the assessment office was that few firms in which Mr Modi and his uncle were included had individuals of restricted means recorded as greater part accomplices. Those individuals were not recognized in the duty division note.

The aggregate advances in the three firms of Mr Modi, Stellar Diamond, Solar Exports and Diamonds R Us was Rs. 3,992.9 crore, while add up to capital of the accomplices was 400 crore rupees, it said.

It said the three firms’ “exchange receivables”, or the sum being charged to clients, were “significantly higher than add up to turnover of the three organizations associated with the misrepresentation, which demonstrates that products are being sold for related gathering and are either finished invoiced or not coming by any stretch of the imagination”.

Mr Modi and Mr Choksi have not made any remark up until this point. The Central Bureau of Investigation says they both left India toward the beginning of January and there whereabouts are obscure.

(This Story originating from NDTV)