Saturday, June 6, 2020
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

Also Read

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

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.

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.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Trending now

This is not the first time Arvind Kejriwal has said he doesn’t watch Rahul Kanwal’s shows, here is an incident from 2014

Arvind Kejrowal rejects the claim of India Today journalist Rahul Kanwal that he watched his program on Delhi hospitals

A tale of 2 contradictory orders: How Arvind Kejriwal govt made the Coronavirus fight impossible for doctors at Ganga Ram Hospital

Reportedly, Sir Ganga Ram Hospital would test 150-170 Coronavirus samples and conduct 30-40 surgeries per day, prior to the government order.

Celebrities have commercialised dissent in India, they say ‘BlackLivesMatter’ while endorsing racist fairness creams: Kangana Ranaut

Kangana Ranaut slams celebrities for speaking on 'Black Lives Matter' while staying silent on incidents like Palghar lynching

No, Jyotiraditya Scindia has not ‘removed BJP’ from his Twitter bio: Here is the truth

Media claimed that Jyotiraditya Scindia, the former Congress leader who is now with the BJP, had removed his association with the BJP from his Twitter bio.

How AltNews ‘fact-checked’ the pregnant elephant story to shield Muslim suspects, quietly changed copy but continued to peddle agenda

AltNews tried to 'fact-check' the brutal incident that resulted in the death of an elephant in Kerala with the aim to shield the Muslim suspects

US filmmaker says former Pakistan minister Rehman Malik raped her, former PM Yousaf Raza Gilani manhandled her: Watch

Cynthia D. Ritchie said that sexual assault against her by Senator Rehman Malik had happened occurred at Interior Minister's residence in 2011

Recently Popular

Times of India journalist Samina Shaikh tries to shame Hindus over the killing of pregnant elephant in Kerala

In Hinduism, Lord Ganesha has the head of an elephant and elephants are also considered holy.

Himachal Pradesh: After Kerala pregnant elephant death case, video of a pregnant cow injured due to cracker explosion in mouth surfaces online

In the video shared online, it can be seen that the mouth of the pregnant cow has been injured very badly with a lot of blood oozing out of her mouth

“Your mother was Hindu, how can we trust you?” Read shocking revelations by the niece of Nawazuddin Siddiqui

Nawazuddin Siddiqui and his family refused to believe the niece's allegations stating that they cannot trust the daughter of a Hindu.

Woman ‘protestor’ poops on an overturned police car in middle of riots in America. Watch the video (or maybe not)

A woman was seen defecating on a damaged police car in USA, an act video recorded and photographed by onlookers

After trying to rope in 2nd, 3rd-year MBBS students to manage Coronavirus patients, Maharashtra govt to punish medical interns if they get coronavirus

Medical interns in Maharashtra will be liable to repeat the internship for the quarantine period if they are infected with Coronavirus

GoAir fires trainee officer Asif Khan after screenshots of his Hinduphobic comment went viral on social media

GoAir has terminated the employment of one Asif Khan after his anti-Hindu offensive comments on social media went viral.

Defence Ministry advises media to refrain from any speculative and unsubstantiated reporting on India-China border situation

Defence ministry said that any speculative reporting about India-China border situation would not be helpful

Gujarat: Ahead of Rajya Sabha polls, Congress moves its MLAs to resorts

The Election Commission (EC) has now finalised the polling of four Rajya Sabha seats in Gujarat on June 19.

This is not the first time Arvind Kejriwal has said he doesn’t watch Rahul Kanwal’s shows, here is an incident from 2014

Arvind Kejrowal rejects the claim of India Today journalist Rahul Kanwal that he watched his program on Delhi hospitals

Congress leader Archana Dalmia passes off an old image from 2017 as recent one, deletes it after being caught

Archana Dalmia claimed that the woman had died by the railway tracks of the MP's Damoh and she was spotted by people in the state

Coronavirus: Mild and asymptomatic cases do not need hospitalization, says Delhi Health department

Citing union health ministry guidelines, Delhi govt said that Coronavirus patients with mild and no symptoms do not need hospitalization

Every Sikh wants Khalistan, says Akal Takht Jathedar Giani Harpreet Singh on 36th anniversary of Operation Bluestar

The controversial remarks came from the Akal Takht chief on the occasion of 36th anniversary of the Operation Blue Star

A tale of 2 contradictory orders: How Arvind Kejriwal govt made the Coronavirus fight impossible for doctors at Ganga Ram Hospital

Reportedly, Sir Ganga Ram Hospital would test 150-170 Coronavirus samples and conduct 30-40 surgeries per day, prior to the government order.

Communist Party is ‘both a court and police station’: Kerala women’s panel chief MC Josephine courts controversy

State Women’s Commission chairperson MC Josephine kicked up a controversy after she claimed that her party Communist Party of India (Marxist) was both a court and a police station

Celebrities have commercialised dissent in India, they say ‘BlackLivesMatter’ while endorsing racist fairness creams: Kangana Ranaut

Kangana Ranaut slams celebrities for speaking on 'Black Lives Matter' while staying silent on incidents like Palghar lynching

Pakistan: 8-year-old maid Zohra Shah beaten to death after she accidentally let two parrots escape from cage

When the parrots flew away, a miffed Siddiqui and his wife Umm Kulsoom beat the victim 8-year-old Zohra Shahblack and blue, killing her

Connect with us

229,766FansLike
364,229FollowersFollow
246,000SubscribersSubscribe