ED registers case against Rotomac Pens owner in Rs 800 Cr bank fraud case

19 February 2018, 03:08 PM

Acting swiftly on Rotomac Pens owner Vikram Kothari, who allegedly defrauded various public sector banks to the tune of Rs 800 crore, the Central Bureau of Investigation (CBI) on Monday lodged an FIR against him.

The sleuths of central investigation agency were also conducted raids at Kothari’s residence in Kanpur.

The raids were being carried out at two other locations linked with the promoter of Rotomac Pens.

The action was taken after Bank of Baroda had registered a complaint with CBI against Vikram Kothari. The agency was also questioning Kothari’s wife and son.

from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India

Kothari has taken a loan of more than Rs 800 crore from over five state-owned banks Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India.

He has allegedly not paid neither the interest nor the loans he has taken.

Also Read | Brushing aside CBI FIR, PNB scam accused Nirav Modi opened two new stores abroad

Last year, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as "wilful defaulter".

The matter came to light recently after the massive scam of Rs 11,000 was detected in Punjab National Bank.

Billionaire diamantaire Nirav Modi, his uncle Mehul Choksi allegedly defrauded the PNB Bank by making fraudulent transactions worth over Rs 11,000 crore through LoUs.

Here are the live updates on CBI raids at Rotomac Pens owner Vikram Kothari’s residence:

It was alleged in the complaint that in the Rotomac case, conspirators cheated a consortium of 7 banks by syphoning off bank loans to the tune of Rs 2919 crore (principal amount). This does not include the interest liabilities of these loans: CBI

CBI registered a case against Rotomac Global Pvt Ltd, its Directors - Vikram Kothari, Sadhana Kothari, Rahul Kothari - and unknown bank officials on a complaint from Bank of Baroda.

ED registers case against Rotomac Pens owner Vikram Kothari under PMLA

# Earlier on Sunday, Vikram Kothari spoke exclusively to News Nation and said, "the talks with banks are on, I am trying to resolve the issue with banks, I am in Kanpur and have not gone anywhere."

# Meanwhile in PNB Scam case, Punjab National Bank officials arrive at the office of Central Vigilance Commission, For more updates on PNB scam and Nirav Modi's whereabouts, CLICK HERE

# Earlier, there were reports coming in from a section of media that like Nirav Modi, Vikram Kothari has also fled the country, however, Kothari himself denied the reports and said he is very much in India.

# Latest visuals from Rotomac Pens owner Vikram Kothari residence as CBI raid is underway.

# BREAKING: Central Bureau of Investigation has filed a case against Rotomac Pens owner Vikram Kothari and others.

First Published: Monday, February 19, 2018 11:16 AM
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