ED files case against promoters of Rotomac for loan default of Rs 36.95 bn

It was alleged in the Bank of Baroda complaint that the conspirators had cheated a consortium of banks to the tune of Rs 36.95 bn, including the interest component

After the CBI, the Enforcement Directorate (ED) has registered a money laundering case against the promoter of Rotomac pens, Vikram Kothari, and his family members in connection with an alleged bank loan fraud of Rs 36.95 billion, officials said today.

They added that the agency had lodged the case under the Prevention of Money Laundering Act (PMLA), after studying the CBI FIR that was registered yesterday.

The ED, the officials said, would probe if the funds obtained through the alleged fraud were laundered and if the proceeds of the crime were subsequently used by the accused to create illegal assets