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NEW DELHI: Rotomac promoter Vikram Kothari took public sector banks for a ride between 2008 and 2013 by getting foreign letters of credit (FLCs) for making payments to his buyers and suppliers abroad who operated from virtual offices in places like Dubai Sharjah and Hong Kong. Banks hit by another multi- 000cr default-diversion - by RotomacThe Enforcement Directorate registered a money laundering case against Kothari and his family members while the income tax department seized their bank accounts on Monday. Rotomac Global Pvt Ltd engaged in intermediary trade and manufacturing pens routinely approached seven banks including Bank of Baroda s (BoB s) international business branch at The Mall Kanpur seeking credit ranging from Rs 15 crore to Rs 200 crore from 2008 to 2013 mostly for exports and imports. BoB alone was cheated of http://boinc.riojascience.com/view_profile.php?userid=295445 Rs 456 crore by Kothari. Instead of using the money to pay buyers/suppliers the money was round-t...

MUMBAI: Nirav Modi the kingpin behind the largest banking scam in the country s history has virtually wrung his arms in the air saying PNB s overzealousness has shut the doors on his ability to clear the dues which he claimed is much lower than the bank has gone public with. In a letter Modi wrote on February 15/16 to the PNB management a copy of which PTI has seen he pegged the amount his companies owes to the bank under Rs 5 000 crore. The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns. This thereby jeopardised our ability to discharge the dues of the group to the banks Modi who left the country along with his family in the first week of January wrote in the letter. In the anxiety to recover your dues immediately despite my offer (on February 13 a day before the public announcement and on 15...

Mumbai: HighlightsNirav Modi writes a letter to PNB on 15/16 February: PTI In letter he says erroneously cited liability resulted in media frenzy Actions destroyed my brand restricted your ability to recover all dues Celebrity jeweller Nirav Modi the alleged kingpin of the largest banking scam in the country s history has said PNB s overzealousness shut the doors on his ability to clear the dues in a letter to the Punjab National Bank s management.Mr Modi also said the dues were much less than what the bank has claimed and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner.In a letter Mr Modi wrote on February 15/16 to the Punjab National Bank management a copy of which PTI has seen he pegged the money his companies owe to the bank under Rs 5 000 crore. The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations and which in turn resulted in...