12 more bank accounts of Rotomac group frozen

The income tax department on Friday attached 12 more bank accounts of the Rotomac group in addition to the 14 bank accounts attached earlier, IT sources said.

Six prosecutions have been sanctioned against Rotomac Pens owner, Vikram Kothari, ANI quoted IT sources as saying.

Vikram Kothari and his son Rahul were arrested on Thursday in connection with the Rs 3,695-crore loan default case.

They were sent to a day's transit remand on Friday by Delhi's Patiala House Court, after being produced by the Central Bureau of Investigation (CBI) before it.

The IT department had attached 14 bank accounts of Rotomac on Tuesday.

According to the CBI FIR (First Information Report), a consortium of seven banks had extended loans worth Rs 2,919 crore to Rotomac Global Pvt Limited from 2008.

The amount increased to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment, the agency said.

The CBI had filed the case against Vikram, his wife Sadhana and Rahul, and unidentified bank officials.