CBI Questions Rotomac Pens Owner Vikram Kothari Accused Of Fraud Of Rs 800 Crore

The Central Bureau of Investigation is questioning Vikram Kothari, the promoter of Rotomac Pens. The agency had registered an FIR against Kothari yesterday on the basis of a complaint from Bank of Baroda for allegedly swindling over Rs 800 crore.

Kothari, his wife and his son were being examined by the CBI, which is conducting the searches, PTI reported.

Earlier, there were reports that Kothari was  "missing" from Kanpur with bank loan worth Rs. 837 crore. However, Kothari denied reports that he has left the country. The Kanpur-based company's owner had taken loans of Rs 352 crore from Kanpur branch of Allahabad Bank and Rs 485 crore from three other banks: Bank of Baroda, Indian Overseas Bank, and Union Bank of India.

Rajesh Gupta, Recovery Agent of Allahabad Bank, told ANI that the loan amount is being recovered from the attached properties of Kothari.

Allahabad Bank has given loan (to Vikram Kothari) and recovery process is going on. Since properties are attached with loan, so we are hopeful that maximum loan will be recovered at the earliest."

When asked about the loan amount, Gupta said, "The loan is of Rs. 352 crore, which will be recovered through attached properties."

The Kanpur banks have put Kothari's loan amount under non-performing asset (NPA).

Since last week, Kothari's office in Kanpur's City Center road has been locked and he himself has been untraceable ever since. 

Kothari on February 16 said that he has not done anything wrong and would not run away from the country.

"Yes I took a loan from the bank, but it's wrong to say I am not paying it back. I live in Kanpur and will continue to live here, I am not running away anywhere, no country better than India," Kothari said.

Kothari's lawyer Sharad Kumar Birla also rejected reports of fraud committed by his client, adding that it was a case of loan default.

(Agency inputs)