The Central Bureau of Investigation has filed an FIR in the case of fraud by Rotomac Pens owner. This comes after conducting raids at his residence and other places in the morning. The FIR is filed against Vikram Kothari and others.

According to ANI, the FIR had the following charges enlisted.

A total of five entities have been mentioned in the FIR.

The Principal amount of loan mentioned in the FIR is Rs. 2919 crore.

The principal loan amount has been taken by more than one bank, these are:

Bank of India - Rs. 754.77 crore

Bank of Baroda - Rs. 456.63 crore

Indian Overseas Bank - Rs. 771.07 crore

Union Bank of India - Rs. 458.95 crore

Allahabad Bank - Rs. 330.68 crore

Bank of Maharashtra - Rs. 49.82 crore

Oriental Bank of Commerce - Rs. 97.47 crore

According to the FIR, the allegation is of siphoning money from these Banks through Rotomac, reported ANI

1. Credit sanctioned and disbursed to the company was utilised for purposes other than executing export orders.

2. Credit sanctioned for export order received from Singapore for supply of wheat was diverted to another cos Ms Bargadia Brothers Pvt Ltd Singapore. Later, it was routed to Ms Rotomac. In other cases, money disbursed for procurement of goods for export wasn't utilised for this purposes and no export order was executed by this company. Misappropriation of funds, breach of trust, violation of Federal Emergency Management Agency (FEMA). Most of the transactions of the company are limited with the buyers, sellers.

3. The cos was working interest rate differential in local and foreign currencies.

4. No genuine business transaction were being carried out.

5. Number of front companies were used for these transactions.

6. Cos submitted false and forged documents.