CBI arrests Rotomac owner and son in Rs 3,695 crore fraud case


FraudThe Central Bureau of Investigation (CBI) has arrested Vikram Kothari, Owner of Rotomac Pens and his son Rahul for allegedly cheating seven Public Sector Banks of Rs 3,695 crore.

According to CBI, Rotomac forged a group of 7 banks by drawing bank loans of Rs 2,919 crore, excluding interest.

The agency is questioning Kothari for the past few days, regarding the loans he had taken and defaults associated to it.

CBI sources informed that the accused were arrested after three days of continual interrogation as they refused to reveal the modus operandi used for duping the bank and what they did with money they

Vikram Kothari was cooperating for past few days and he was not disclosing the details of the companies and trace of duped Rs 2,919 crore he took from the banks, said an official.

Bank of Baroda on Sunday filed a criminal complaint regarding Rotomac’s case, alleging that Rs 2,919 crore was pulled off by the Kotharis using unethical ways and the consolidated amount of duped sum has reached Rs 3,695 crore.

Reportedly a group of seven banks led by Bank of India gave him loans 2008 onwards. Other banks who were a part of this consortium Indian Overseas Bank, Union Bank of India, Allahabad Bank, Bank of Maharashtra and Oriental Bank of Commerce.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.