The Central Bureau of Investigation has finally arrested Rotomac Pens owner Vikram Kothari and his son Rahul Kothari for a scam worth Rs. 3695 crore on Thursday.

The father-son duo is accused of scamming a consortium of public sector banks of Rs. 3695 crore. He has defaulted on loans taken for business purposes. The amount scammed equals to Rs. 2919 crore if the interest charged is excluded.

The consortium of the banks includes Bank of India: Rs 754.77 crore, Bank of Baroda: Rs 456.63 crore, Indian Overseas Bank: Rs 771.07 crore, Union Bank of India: Rs 458.95 crore, Allahabad Bank: Rs 330.68 crore, Bank of Maharashtra: Rs 49.82 crore, Oriental Bank of Commerce: Rs 97.47 crore.

A case was registered against Kothari and family by Enforcement Directorate under Prevention of Money Laundering Act (PMLA). ED also informed all the exit ways of the country to not let Kothari or any of his family members go out of the country.  

“ED notifies all land, sea, airports to prevent possible exit of Rotomac promoter Vikram Kothari, two family members,” an official said.

Earlier, Kothari had discarded claims about him fleeing from the country as reported by some media houses. “I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foreign countries for business purposes,” he said.