Rotomac Vikram Kothari faces heat for Rs 3,695-crore loot from 7 banks
Kothari took letters of credit worth Rs 3,000 crore to make use of interest rate differential in foreign countries.
New Delhi: Rotomac pen promoter Vikram Kothari faced heat of Central agencies after the CBI as well as the ED registered separate cases against him and his company for allegedly swindling of Rs 3,695 crore from seven banks from 2008.
The CBI registered a case after receiving a complaint from Bank of Baroda against Kanpur-based Rotomac Global Pvt Limited, its director Vikram Kothari, his wife Sadhana Kothari, and son Rahul Kothari and unidentified bank officials. Initially, the alleged scam was estimated to be of Rs 800 crore but after the CBI started to probe into the accounts of the company, it was found that the company had allegedly taken loans from Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.