Home News Reports After Nirav Modi scam, Rotomac scandal also finds roots in the Congress government era

After Nirav Modi scam, Rotomac scandal also finds roots in the Congress government era

As per a report published in the Times of India, pen maker Rotomac colluded with officials of Public Sector Banks for carrying out a business transaction involving importing diamond, gems and exporting iron ore and broken wheat.

These findings of the CBI come a few months after the investigative agency arrested the promoter of Rotomac – Vikram Kothari, amidst rumours of him attempting to flee the country.

The TOI report claims that these findings which are part of a CBI probe, also include the fact that this collusion happened from 2009-13 during the erstwhile Congress-led UPA government. The CBI has reportedly also found that Rotomac has defaulted over the payment of a Rs 3,000 crore loan.

- Advertisement - - Article resumes -

It has also been claimed that the pen maker took a Rs 200 crore foreign letter of credit from Bank of Baroda in 2008 which it later modified to include the aforementioned import-export services and also heightened the credit to “several thousand crores”.

The CBI has also supposedly uncovered that the company also misused packing credit facilities for importing precious stones from a Dubai firm in 2012.

In a further indictment of the company’s dealings, the report claims that it failed to properly utilise the Rs 1000 crore export packing credit facilities it received, and allegedly diverted funds to other companies led by Kothari with the help of bank officials.

If indeed true it might mean that this is another financial scam which has reached the doorsteps of the Congress party, since the Nirav Modi fraud.

We had reported how the massive Rs 11,000 fraud committed by Nirav Modi had found a connection to the Congress party, with the BJP alleging a link between Nirav Modi and senior Congress leader Abhishek Manu Singhvi.

As per the allegation by the BJP, one of Nirav Modi’s companies named Fire star diamond international Pvt Ltd was acquired from Advait Holdings, one of whose shareholders since 2002 is Anita Singhvi, the wife of Abhishek Singhvi.

We had also reported how P Chidambaram, the then Finance Minister had signed off on the 20:80 Gold Scheme which had benefitted 13 companies including Mehul Choksi’s firm and facilitated in the fraud. In fact, the Jewellers association had also warned the Congress government of yielding to cronies and aiding in a brewing scam through this scheme.

Besides this, it was reported that the former Finance secretary Rajiv Takru, working under the erstwhile UPA government had tried to “silence” the PNB whistleblower in 2013. To top it off, it has been alleged that Finance Minister P Chidambaram had himself signed the whistleblower’s termination letter.

Sharing is caring - Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

AltNews co-founder caught shielding Islamists following the Sri Lanka terror attacks

Altnews cofounder seems to have graduated from sharing fake news himself to shielding radical Islamists

Cambridge University confirms that Rahul Gandhi did his M.Phil using the name Raul Vinci

Cambridge University confirms that Rahul Gandhi did his MPhil using the name Raul Vinci

Shekhar Gupta says ‘latest’ CVoter survey predicts BJP getting 220 in 2019 elections, Yashwant Deshmukh calls it fake news

Yashwant Deshmukh of CVoter, putting the record straight said that CVoter has respected the Election Commission embargo and has not released any vote or seat numbers once the election process started.

Rahul Gandhi talks while PM Modi delivers the Make In India promise: Apple to shift mass production of iPhones from China to India

While Bengaluru unit of Apple was already manufacturing older models, the new facility will manufacture newer phones

Air Vistara senior officials visit Gen GD Bakshi, apologise for deleting the tweet honouring him

Sanjiv Kapoor, Chief Strategy & Commercial Officer, and Deepa Chadha, Senior Vice President – Human Resources & Corporate Affairs or Air Vistara visited Maj. Gen. Bakshi and tendered an official apology

Watch: Digvijay Singh spreads the Rs. 15 lakh lie at a public rally, boy does a ‘surgical strike’ on him

Congress leader Digvijay Singh, while addressing a public rally and attacking Prime Minister Narendra Modi, tauntingly asked the people whether they received the amount of Rs 15 lakh in their accounts.
Web of dubious transactions featuring 'RG', 'SG', 'AP' and 'DKS': Tale of Kempareddy Govindaraj, Parliamentary Secretary to Siddaramaiah and the seized diary

Web of dubious transactions featuring ‘RG’, ‘SG’, ‘AP’ and ‘DKS’: Tale of K Govindaraj, Parliamentary Secretary to Siddaramaiah and the seized diary

In March 2016, the IT Department conducted raids on K. Govindaraj, Parliamentary Secretary to the then Chief Minister of Karnataka, Siddaramaiah and a member of the Legislative Council of the state.

‘Liberals’ addressing Yogi Adityanath by his birth name is a reflection of their deep seated Hinduphobia

The elevation of Yogi Adityanath to the seat of Chief Minister of India's most populous state ruffled many feathers and it's hardly surprising that they are throwing everything at him in the desperate hope that something will stick.

Convenor of Delhi Congress IT cell shares badly edited video accusing PM Modi of using an abusive word

Congress' Gaurav Pandhi has earlier also spread misinformation to attack the central government

Latest articles

Connect with us

156,879FansLike
129,628FollowersFollow
54,349SubscribersSubscribe

Don't miss these

Sharing is caring - Share This Post and Support: