The Hush Post: In the latest, the CBI has detained Vikram Kothari the chairman of Rotomac Global Private Limited. This is in connection with non-payment of Rs 800 crore loan from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India. CBI is interrogating Kothari, his wife and son. Earlier, an FIR was lodged against Kothari for Rs 800 crore loan default by the CBI. An FIR against Vikram Kothari was registered after a complaint was made by Bank of Baroda. The CBI is also carrying out searches at office and various houses of Kothari.
Kothari, the Rotomac Pens Company owner had taken a loan of over Rs 800 crore from five government banks — Bank of India, Allahabad Bank, Bank of Baroda, Union Bank of India and Indian Overseas Bank. Later he broke the terms and conditions. It is alleged that Vikram Kothari took a loan to the tune of Rs 485 crore from Union Bank of India and Rs 352 crore from Allahabad Bank. One year down the line, Kothari hasn’t paid back neither the interest nor the principal amount issued to him.
This comes just days after the Punjab National Bank reported a fraud of Rs 11,360 crore. Diamantaire Nirav Modi and Mehul Choksi were involved in this fraud transaction worth Rs 11,360 crore who too are absconding.