After PNB fraud now Rs 800-crore scam: Vikram Kothari owner Rotomac Pens vanishes without paying loan

Vikram Kothari, owner of Rotomac pens is untraceable.
Vikram Kothari, owner of Rotomac pens is untraceable.

The Hush Post: Another scam has come to light and this time, the owner of Rotomac pens has been accused of absconding after having taken loan to the tune of Rs 800 crore from different banks.

Vikram Kothari, who owns the Rotomac Pens Company, had got a loan issued 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.
Meanwhile, sources say, Kothari’s office at Kanpur’s City Center road was found shut down for the past several days and the man accused of taking the money is cannot be traced either physically or on the phone.
The Allahabad Bank manager Rajesh Gupta has said that as last option the banks would have to sell the properties of Kothari to recover the loan.
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.

1 COMMENT

  1. . The news can be said to be covered through implied form in the alert prediction of this Vedic astrology writer in article – “ Astrologically speaking , some highlights for India in coming year 2018” – published last year at theindiapost.com , simultaneously at wionews.com on 19 October , 2017. Just reproducing the text in the related prediction of the said article :-“ (1) Mid-March to 31 May 2018. ………….Chunk of industries may have tough time while looking for vitality. Those involved in decision making or governance of big enterprises or big organizations or think-tanks in the Govt , could be prone to errors or fault-lines or controversies giving rise to revision or amendment. … Some agreements with countries having economic or trading or commercial angle could pose issues causing concern and impeding economic growth”. Here , ‘giving rise to revision or amendment’ obviously means reform or necessary remedial measures.

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