After celebrity jeweler and designer Nirav Modi, businessman Vikram Kothari, the MD of Rotomac pens, has been detained by CBI for investigation. He has been charged for non-paymentof above Rupees 3,700 crore, which he has taken as loans from government-led banks. The investigating agency raided the home of the industrialist and his companies in Kanpur around dawn, a few hours after the Crime Bureau of Investigation filed an FIR.
However, Mr. Kothari refused any illegal behavior. He said that he had taken loans from the government banks, but it’s not right that he hasn’t paid.
Mr. Vikram Kothari, his spouse and his son were interrogated during the investigation that started nearly 4 AM at three of his establishments in UP’s Kanpur.
Sources from CBI said that the action has been taken against the industrialist after an official complaint lodged by BOB, one of the government-led banks which lent money to Kothari.
Vikram Kothari has to repay Rupees 3,695 crore to BOI, Allahabad Bank, BOB, BOM, IOB UBI and Oriental Bank.
The CBI raids on Vikram Kothari overlapped with a huge PNB scam where bank authorities assisted Nirav Modi and his associates to obtain credits from foreign banks by the means of fake guarantees. Before CBI initiated its investigation of the fraud case, Modi and is family escaped from the country.
Some reports also rumored that Kothari, the Rotomac owner, has also ran away from India, just like many other high-class businessman under investigation. However, he was located at a marriage function on Sunday, where he assured reporters that he is a citizen of India and he is live in this country only. He has no plans to run away anywhere abroad.
In 2017, February, Mr. Vikram Kothari was announced a headstrongnonpayer. He challenged it in the High Court of Judicature at Allahabad and won the case, but purportedly did not pay what is owed to him.
Throughout the entire 2017, several establishments and properties belonging to the Rotomac’s owner were placed by banks for auctioning in order to recover a section of his dues.