New Delhi sources have stated that the Central Bureau of Investigation (CBI) registered an FIR against Vikram Kothari, promoter of Rotomac Pen, for the loan default based on a Bank of Baroda complaint. Previously on Monday, raids were carried out at Kothari's office and residential premises in Kanpur in connection with the case. Meanwhile after billionaire jewellery designer Nirav Modi, another defaulter Kothari, had earlier denied reports of leaving the country.
Sources have stated that the Kanpur based company's owner had taken a loan of more than Rs 800 crore from over five state-owned banks, including Allahabad Bank, Bank of India and Union Bank of India. Meanwhile according to local media reports, the promoter said speculation of his fleeing the country is baseless.
Furthermore Rotomac was declared a willful defaulter vide an order dated
February 27, 2017, passed by an authorized committee, as per the procedure laid
down by the Reserve Bank of India. Moreover the development comes less than a
week after Punjab National Bank (PNB) had detected a USD 1.77 billion (about Rs
11,400 crore) scam in which Modi allegedly acquired fraudulent Letters of
Undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other
Indian lenders.
