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  • Category: Miscellaneous

    Another 800 Crores Rotomac Scam on cards

    Rotomac Pen company promoter Vikram Kothari is the next scamster on cards looting 800 crores from Public sector banks. He took a loan of 800 crores and he neither paid interest or the loan that he took from five National banks. His name is already in defaulters list in last year. The banks which gave loans include Union Bank, Allahabad Bank, BOI, Bank of Baroda. Vikram Kothari is suspected to flown away to foreign country media suspects.
  • #626849
    The Rotomac scam actually seems to be whooping over 3000 crores as Rotomac Pen company promoter Vikram Kothari had duped five nationalised banks which works to that figure. The Times Now news channel which is investigating the case has revealed this morning about the large amount of scam committed by Industrialist Vikaram Kothari. From the scams one thing is coming to be very clear that those who indulge in election funding would exercise their right to loot the bank through the connivance of people at power and thus people money are wasted and not recovered. If this continues no one would save in the banks.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #626860
    I feel sorry for the small time criminals in the country who are jailed for a theft of a few thousand rupees or stealing a chain. The present line of scamsters or the high profile people named with multicrore dues make the small time criminal look like puppies, when the big predators are running loose in our country among us.

    It's high time the banks start answering with a honest mind as to why the public are kept in dark? how such loans and defaulters are let run up the dues for such an extent?

    Should we have a National External Regulatory Affairs committee that supervises banks given large loans?

    Special Bank Internal Governance force should be created quickly by the RBI and the Government to assess the health of the other loans that we are not aware of and if found to have irregularities the companies should be under the watch of the force and the Government. Rules and regulations should be tough and merciless for such scamsters who make the common man look like fools.

  • #626865
    The public sector banks are becoming reserves for the industrialists and Badababus. They can take the money from the bank as if they have taken it from their account. They can withdraw whatever money they want. But our money if we transfer from one account to another account we have to pay charges for the same. This is the state of affairs in our Country now.
    At the same time more than politicians, the top officials of the banks are doing more frauds. Whether they have any support from the back side of politicians. But the main issue is with the officials only.How Reserve Bank of India is not able to control the banks from these frauds I am not able to understand. The Audit teams will have at least two trips to the bank in a year. How they are missing so much these points I fail to understand. A strict action on all these corrupt officers should be the order of the day.

    drrao
    always confident

  • #626900
    I read this morning that following a compliant from Bank of Baroda CBI has registered an FIR related to Rotomac scam, on Vikarm Kothari. The timing of the compliant would make it look like a preemptive compliant from banks in fear of scrutiny or prosecution later.

  • #626985
    Today's news is CBI filed a FIR against Rotomac promoter Vikram Kothari is a scam worth 3,695 Crores and it is not 800 crores as predicted by media yesterday. Media and public expressing their anguish over how a Pen company get loans to the tune of almost 4 thousands crores worth loans from Public Banks. It was noted that Vikram Kothari is doing foreign exchange trade business with this loan.

  • #627020
    The overall amount is expected to grow as the case progresses. News is also that Rotomac was declared a "willful defaulter" by the Bank of Baroda, vide an order dated February 27, 2017 passed by an authorised committee, as per the procedure laid down by the Reserve Bank of India. It seemed to be that the banks are proven much liberal while confirming the loan amount or else wouldn't have been possible.

    Adding, in the context of the news published or shown in few of the news channels & news papers was that the defaulter, Vikram Kothari fled the country was a fake. It's on behalf of the Rotomac Owner which is while reacting to reports that he had fled the country to evade arrest, Kothari issued a statement on Sunday saying he was very much in Kanpur. There is a competition between the channels & the publishing companies for various breaking news & often we are misguided or not rightly informed of the facts. It should also be a concern now because if there is a fake news then should be considered as a scam too.

  • #627024
    It has become the order of the day to take huge amount of loan from public sector banks. Politicians, industrialists and high bank officials have made a nexus to loot the big wealth of this country. Mohmad gajnavi and other external lootere came to this country. They have to travel thousand of mile on foot/ on the back of horse, fight with soldiers then only they were able to loot some thing but today's looteres are sitting in AC rooms, no fight for loot and looting 1000 times wealth to gajni and running away from this country. where the country is going? why one after the other banking scams are going on? what the govt is doing. why the govt does not cancel the big loans/ bad loans and start recovery. Government should made the list of big loan holders public and no such person should be allowed to leave the country.
    The greatest wealth in this world is mental peace and good health.

  • #627068
    These kind of defaults happen because of the over enthusiasm of banks to increase their business unrealistically. To show their balance sheets very large.

    Business targets are fixed unrealistically and without taking into consideration the overall economic situation, the infrastructures,the capacity and adequacy of its personnel. So to achieve the targeted business and to earn name for the top executives and further enhance their elevations to more higher and attractive posts, a lot of compromise is made using the discretion of top management and even board. It can be sen if properly gone into that only top management and/or board level officials are involved in the sanction of such large scale credits.
    There may be some who are interested in quid pro quo also, though that is less in comparison. The junior officials who are also overenthusiastic in faster promotions and elevations stoop and crawl to abide by the wishes of top management people.

    So after the top person or persons who sanctioned the credit move out such loans and advances naturally slip and go into default because the credit appraisal was not healthy and was compromised. Unfortunately many inexperienced but overenthusiastic junior officials get trapped as the records go against them for overlooking or 'recommendations. Mostly such recommendations are custom worded by the concerned to[p people or those who keep their conscience, but conveyed without record to the originating lower layers.

    When a large loan shows signs of default, fearing erosion of business and sudden hit, the officials from bottom to top beg, plead and even further fund the borrower hoping it will help and revive the same. Then they try for One Time Settlement. Sometimes that works. But many times,as the base itself is weak and unhealthy it becomes good money thrown into bad money again.It is this kind of vicious circle that create such great problems.

    Banks should desist from the lure of big business. Banks should avoid unhealthy competition among themselves and concentrate only on healthy business. They should discourage OTS, encourage branches and officials showing healthy loan recovery,and punish the branches and officials contributing to bad loans. Target should be fixed only with realistic assessment of potential of the area and infrastructure. Banks should do only proper banking business and not divert their energy and attention in insurance marketing etc.

  • #627411
    After filing an FIR, the CBI has now arrested the promoter Kothari and Rahul (his son), the fraud is pegged at Rs 3695 crores (not 800 crores). The loan was given by a group of 7 banks. It's amazing how people can change the funds allocated for an export order to an offshore account and then back into India!

  • #627426
    ''Vikram Kothari is suspected to flown away to foreign country media suspects.''-Is it a deliberate inaccuracy? Vikram Kothari and his sone were arrested yesterday from Kanpur.

    But I am more interested to know during which period, did the man get the loan? Further, is such a huge amount is required for a pen-manufacturing Company? Did the banks examine this aspect before sanctioning such huge loan to him?

    Beware! I question everything and everybody.


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