Owner of Rotomac Pens Raided By CBI for Rs. 800-Crore Fraud

NEW DELHI: After tycoon goldsmith Nirav Modi, industrialist Vikram Kothari, the promoter of Rotomac Pens, has been charged by the CBI and is being attacked. In a First Information Report (FIR) recorded the previous evening, the office has accused him of defaulting on advances worth Rs. 800 crore. 

Vikram Kothari is the Chairman and Managing Director at the Kanpur-based Rotomac Global Private Limited

CBI sources say activity against the tycoon took after a formal letter of grumbling by the Bank of Baroda, one of the banks from which Vikram Kothari had taken colossal credits. 

Vikram Kothari, his better half and child are being addressed by authorities who began the ventures around 4 am at three locations in Kanpur. 

Mr Kothari supposedly took advances worth more than Rs. 800 crore from five state-claimed banks, Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India. 

The case has developed amidst a CBI examination concerning the gigantic PNB trick in which bank authorities helped Nirav Modi and others get credit from abroad banks utilizing counterfeit certifications. Nirav Modi and his family left the nation in the principal seven day stretch of January, before the CBI began researching the misrepresentation. 

In the midst of reports throughout the end of the week that Vikram Kothari had additionally fled the nation, he was spotted at a wedding on Sunday night. 

In February 2017, Mr Kothari was announced a wilful defaulter for neglecting to reimburse the credits. Be that as it may, he drew nearer the Allahabad High Court against the request by the banks. 

All through a year ago, different properties having a place with Mr Kothari and his relatives were set available to be purchased by the banks to recuperate a piece of their contribution. 

In the most recent decade, Rotomac rose as a noticeable pen mark that tallied individuals like film star Salman Khan among its image envoys. Mr Kothari's family additionally possesses the mainstream container masala mark - Pan Parag.

  • 19/02/18