Kanpur: Rotomac-owner flees in NiMo-style after Rs 837 cr loan

Kanpur: If the reports emanating from Kanpur are to be believed then it seems a Punjab National Bank (PNB) like banking fraud case has taken place.

While jeweller Nirav Modi is the main culprit in the PNB fraud case, Rotomac Pens owner Vikram Kothari is allegedly 'missing' from Kanpur with bank loan worth Rs 837 crore.

Kothari took loan of Rs 352 crore from Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks: Bank of Baroda, Indian Overseas Bank, and Union Bank of India.

Rajesh Gupta, Recovery Agent of Allahabad Bank, said that the loan amount is being recovered from the attached properties of Kothari.

"Allahabad Bank has given loan (to Vikram Kothari) and recovery process is going on. Since properties are attached with loan, so we are hopeful that maximum loan will be recovered at the earliest."

When asked about the loan amount, Gupta said, "The loan is of Rs 352 crore, which will be recovered through attached properties."

The Kanpur banks have put Kothari's loan amount under non-performing asset (NPA).

Since last week, Kothari's office in Kanpur's City Center road has been locked and he himself has been untraceable ever since.

This comes after the PNB fraud case.

The PNB has lodged two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, the owner of Gitanjali Gems.

The Central Bureau of Investigation (CBI) filed a formal case charging four- Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi- on January 31 over Rs 280 crore fraud.

The Enforcement Directorate is conducting raids in many cities at various properties belonging to Nirav Modi and Mehul Choksi.

The PNB scam has rattled nation as well as the government.