The CBI on Wednesday started questioning Rotomac owner Vikram Kothari at its headquarters in New Delhi in connection with alleged loan default of Rs 3,695 crore towards a consortium of seven nationalised banks, officials said.
Separate cases were registered by the central agencies CBI and ED against the promoter of Rotomac pen Vikram Kothari and his company for allegedly ruffianisming of Rs.3,695 crore from seven banks from 2008.
Investigative agencies and local police sprang into action immediately and sealed offices and residences of the businessman in various cities, including Kanpur in Uttar Pradesh and New Delhi.
It was found that the company had besides Bank of Baroda the company had taken loans from six other banks, including Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.
Further details are awaited. Earlier this morning, CBI spokesperson Abhishek Dayal said that there were no arrests in connection with the case as yet.
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Rotomac promoter Vikram Kothari is being investigated by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) now. Therefore, the complaint stated, "to check the corporate debtor from escaping from the country we request earnestly to seize passport or confiscate from its bearers who are directors/guarantors of the company - Mr Vikram Kothari, Mrs Sadhana Kothari and Mr Rahul Kothari".
The bank in its complaint said that the company had misutilised the facility and submitted documents related to mercantile trade on the basis of which chain of the transaction could not be established. "This is just the principal amount and does not include the interest liabilities of these loans".
"Public money of the bank is at stake and after escape of the directors of the companies from India, (it) will be cause of emanating various other legal intricacies like extradition as well".
He said Kothari, his wife and his son were examined by the CBI, which is conducting the searches.
In 2017, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as "wilful defaulter".