The CBI has registered an FIR against Rotomac pen promoter Vikram Kothari on the basis of a complaint from Bank of Baroda for allegedly swindling over Rs 800 crore, officials said today.
The CBI has registered an FIR against Rotomac pen promoter Vikram Kothari on the basis of a complaint from Bank of Baroda for allegedly swindling over Rs 800 crore, officials said today.
The agency started searching his residence and offices in Kanpur from early in the morning, they said.
There were no arrests in the case yet, CBI spokesperson Abhishek Dayal categorically said.
He said Kothari, his wife and his son are being examined by the CBI, which is conducting the searches.
CBI has registered a case against M/s Rotomac Global Pvt Ltd, its Directors - Vikram Kothari, Ms Sadhana Kothari, Rahul Kothari - and unknown bank officials on a complaint from Bank of Baroda.
It was alleged in the complaint that in the Rotomac case, conspirators cheated a consortium of 7 banks by siphoning off bank loans to the tune of Rs 2919 crore (principal amount). This does not include the interest liabilities of these loans.
Banks involved are – Bank of India, Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.
CBI is conducting searches at three places in Kanpur and questioning all the three accused Directors - Vikram Kothari, Sadhana Kothari, Rahul Kothari. CBI has sealed a residential premises and an office of Rotomac Directors in New Delhi.
This is the second major financial scam to break out after the sensational Rs 11,400 crore fraud allegedly committed by billionaire jewellery designer Nirav Modi and his uncle Mehul Choksi, who is a promoter of Gitanjali group of companies.
Both fled the country before the Punjab National Bank realised the depth of the alleged crime.
Meanwhile, Kothari’s lawyer Sharad Kumar Birla on Monday rejected reports of fraud committed by his client, adding that it was a case of loan default.
‘My client had borrowed a sum of Rs 800 crore as loan for business purpose. The ongoing case involves no fraud; it is a case of loan default. I am yet to be given complete details of the matter at present,’ Birla said. Earlier, Kothari on February 16 had said that he would not run away from the country and had not done anything wrong.
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