Explorer

Rotomac owner, his son arrested by CBI in Rs 3,695 crore loan default case

The Central Bureau of Investigation on Thursday arrested Rotomac pens owner Vikram Kothari and his son Rahul, in connection with the alleged swindling of Rs 3,695 crore of bank loans.

NEW DELHI: The Central Bureau of Investigation on Thursday arrested Rotomac pens owner Vikram Kothari and his son Rahul in connection with the alleged swindling of Rs 3,695 crore of bank loans. The CBI said Vikram and Rahul were not cooperating in the investigation. Hence they were arrested. Vikram was detained on Tuesday by the CBI, which brought him to Delhi from Kanpur on the same day. The agency had also conducted searches at multiple locations in Uttar Pradesh, including in Unnao and Kanpur, to gather evidence in the case. A consortium of seven nationalised banks has given loans worth Rs 2,919 crore to Rotomac Global Pvt Limited. The amount swelled to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment. The CBI has registered a criminal case against Rotomac Global Pvt Limited, its Director Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari and unidentified bank officials on a complaint received from Bank of Baroda. The Bank of Baroda in its complaint said the conspirators cheated a consortium of bank loans to the tune of Rs 3,695 crore including the interest component. The Enforcement Directorate has also registered a money laundering case against Kothari and his family members. The loans the Kothari family is alleged to have defaulted on include Rs 754.77 crore (Bank of India), Rs 456.63 crore (Bank of Baroda), Rs 771.07 crore (Indian Overseas Bank), Rs 458.95 crore (Union Bank of India), Rs 330.68 crore (Allahabad Bank), Rs 49.82 crore (Bank of Maharashtra) and Rs 97.47 crore (Oriental Bank of Commerce). This was the second major financial scam that came to surface after the sensation Rs. 11,500 crore PNB fraud allegedly committed by diamantaire Nirav Modi and his uncle Mehul Choksi.
View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
Roof Collapses During Renovation Work At Chennai Bar, 3 Dead
Roof Collapses During Renovation Work At Chennai Bar, 3 Dead
Arvind Kejriwal To Stay In ED Custody For 3 More Days — A Timeline Of Delhi CM's Battle In Courts
Arvind Kejriwal To Stay In ED Custody For 3 More Days — A Timeline Of Delhi CM's Battle In Courts
Advertisement
for smartphones
and tablets

Videos

Elvish Yadav's reaction on Munawar Faruqui's arrest, Watch Video | HOT NewsNawazuddin Siddiqui And Aliya Fixes Relationship Disbalance For Kids Upbringing | Khabar Filmy HaiRamayana: Sakshi Tanwar dismisses speculations of being a part of the movie, Watch videoWill there be a date clash between Bigg Boss 18 and Lock Up Season 2? | HOT News

Photogallery

Embed widget