NEW DELHI: Rotomac Pens Chairman and MD Vikram Kothari was detained on Monday for an alleged Rs 800-crore loan default Following a complaint by the Bank of Baroda as the CBI registered an FIR against Kothari and arrested him for swindling Rs 800 crore from five state-owned banks.
The Kanpur-based organization's proprietor had taken advances of Rs 800 crore from Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India. In any case, according to the Union Bank of India and Allahabad Bank sources, Kothari has not paid back either the premium or the credited sum.
Responding to reports that he had fled the nation to dodge capture, Kothari issue an announcement on Sunday saying he was particularly in Kanpur.
Rotomac was pronounced a wilful defaulter vide a request dated February 27, 2017 go by an approved council, according to the method set around the Reserve Bank of India.
The improvement comes not as much as seven days after Punjab National Bank (PNB) had distinguished an Rs 11,400 crore scam wherein very rich person gem specialist Nirav Modi purportedly gained deceitful letters of undertaking (LoUs) from a branch in Mumbai to secure abroad credit from other Indian loan specialists.
The PNB extortion relates to issuance of phony LoUs to organizations related with Modi by errant PNB representatives, which empowered these organizations to raise purchasers credit from worldwide branches of other Indian loan specialists.
