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    Published On : Wed, Feb 21st, 2018

    CBI begins questioning Rotomac owner

    Rotomac owner Vikram Kothari
    New Delhi: The CBI today began questioning Rotomac owner Vikram Kothari at its headquarters in New Delhi in connection with the alleged loan default of Rs 3,695 crore towards a consortium of seven nationalised banks, officials said.

    Earlier, Kothari was being questioned in Kanpur where his company and residence arelocated, they said.

    Kothari, his wife Sadhana, and son Rahul, all directors in Rotomac Global pvt Ltd, have allegedly diverted bank loans towards purposes other than what they were meant for, officials said.

    One of the consortium members, Bank of Baroda had approached the CBI requesting an FIR against Kothari as the bank apparently feared he might leave the country, they said.

    The CBI registered a case on February 18 after receiving the complaint.

    Initially, the alleged scam was estimated to be of Rs 800 crore but after the CBI started a probe into the accounts of the Rotomac Global Private Limited, it was found that the company had allegedly taken loans from Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.

    The CBI alleged that the accused had cheated a consortium of seven banks by siphoning off bank loans to the tune Rs 2,919 crore.

    The total outstanding amount along with interest and liabilities for the company were pegged at Rs 3,695 crore, the probe agency alleged.

    Yesterday, the Enforcement Directorate had notified all the land, sea and airports in the country to prevent the exit of the promoter of Rotomac pens, Vikram Kothari, and his family members from India, in connection with its money laundering probe.

    The agency also conducted searches at multiple locations in Uttar Pradesh, including in Unnao and Kanpur, to gather evidence in the case. The ED had slapped criminal charges under the Prevention of Money Laundering Act against the company and its promoters on February 18, based on a CBI FIR filed on the same day.

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