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.