How did the ₹3,700 crore Rotomac fraud take place?

The CBI on Monday booked Rotomac owner Vikram Kothari and his kin for allegedly siphoning off loans worth ₹3,700 crore. Loans sanctioned for exports were used for other purposes and money was round-tripped to Rotomac's accounts, a consortium of seven banks alleged. The company allegedly submitted forged documents to get loans and created shell firms to carry out illegal activities.