Kanpur, Feb 20: The Central Bureau of Investigation (CBI) raids that began at Rotomac owner Vikram Kothari’s Kanpur residence on Monday morning, continued on Tuesday morning. The raids have been underway for over 20 hours now. The CBI also sealed Kothari’s Delhi residence and carried out raids there on Monday. The investigative agency had on Monday filed 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.Also Read - Bank of Baroda Recruitment 2021: Apply For 326 Posts at bankofbaroda.in | Direct Link Available HERE

“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. “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 - India's Predicted Playing XI For 1st Test vs New Zealand at Kanpur: In Virat Kohli's Absence, Will Shreyas Iyer Make His Test Debut?

The CBI also questioned Kothari, his wife and son on Monday on defaulting loans. Also Read - Bank Holiday Alert: Banks To Remain Shut For 6 Days From Today | Complete List Here

Kothari 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.

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.