Kanpur, February 19: After billionaire Nirav Modi, Rotomac owner Vikram Kothari is facing the Central Bureau of Investigation (CBI) heat. The CBI has registered a case against Vikram Kothari of Rotomac Pens, who is accused of defaulting on repayment of more than Rs 800 crore loans from five government banks. The CBI also carried out raids at Kothari’s residence in Kanpur and questioned him, his wife and son on Monday.Also Read - Viral Video: Kanpur Golgappa Seller Speaks Fluent English, Leaves Netizens Impressed | Watch
The CBI has registered a case against Rotomac Global Pvt Ltd, its Directors – Vikram Kothari, Sadhana Kothari, Rahul Kothari – and unknown bank officials on a complaint from Bank of Baroda. “It was alleged in the complaint that in the Rotomac case, conspirators cheated a consortium of 7 banks by siphoning off bank loans to the tune of Rs 2919 crore (principal amount). This does not include the interest liabilities of these loans,” the CBI said. Also Read - IND vs NZ, 1st Test: Time Wasted By Umpires Might Have Robbed India a Test Win vs New Zealand, ICC Need to Rethink On Rules of the Game
“Total outstanding amount, along with interest liabilities for Rotomac is Rs 3695 crore. Banks involved are – Bank of India, Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce,” it added. Also Read - 1st Test: It is So Lopsided in Their Favour It is Not Funny, Says Ian Smith on New Zealand's Chance of Winning vs India
Meanwhile, Kothari has denied reports of having fled the country. He said that he was in Kanpur and had done no wrong. “First of all, don’t call it a scam. Also, I am not leaving the country and I am very much in Kanpur. Banks have declared my company nonperforming asset (NPA), but not defaulter. The matter is still sub judice with National Company Law Tribunal (NCLT). I have taken loans and will repay it all soon,” Kothari said in a statement.
Kothari, who is the chairman and MD at Rotomac Global Private Limited, had taken a loan of more than Rs 800 crore from over five state-owned banks. According to reports, Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac. Bank of Baroda had registered complaint with CBI against Kothari.
This comes than a week after Punjab National Bank (PNB) had detected a USD 1.77 billion (about Rs. 11,400 crore) scam wherein billionaire Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs).