Rotomac bank fraud: Vikram Kothari, his son arrested

ANI | Updated: Feb 22, 2018 20:47 IST

New Delhi [India], Feb 22 (ANI): The Central Bureau of Investigation (CBI) on Thursday arrested the owner of Rotomac Pens, Vikram Kothari, and his son Rahul Kothari in connection with a case of loan default of approximately Rs 3,700 crore taken from seven public sector banks.

As per the FIR, Kothari owes Rs 754.77 crore to the Bank of India, Rs 456.63 crore to the Bank of Baroda, Rs 771.07 crore to the Indian Overseas Bank, Rs 458.95 crore to the Union Bank of India, Rs 330.68 crore to the Allahabad Bank, Rs 49.82 crore to the Bank of Maharashtra and Rs 97.47 crore to the Oriental Bank of Commerce.

The principal loan amount stands at Rs 2919 crore.

On Wednesday, the Income Tax (IT) Department attached four immovable properties of the Rotomac Group of companies, in Kanpur and Ahmedabad.

Raids were also conducted by the CBI on Monday. (ANI)