Rotomac Scam: CBI Raids Vikram Kothari’s Residence And Office

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Rotomac Scam: CBI Raids Vikram Kothari’s Residence And Office

On Monday morning the Central Bureau of Investigation (CBI) raided the premises of Vikram Kothari. The CBI is conducting searches at Kothari’s residence in Kanpur and the office of Rotomac Pens. Kothari is accused of unpaid bank loans to the sum of Rs. 800 crores.

The CBI registered an FIR on Sunday against Kothari after a complaint from Bank of Baroda. The raids began at 4 A.M., according to the CBI officials. A spokesperson said, “The agency investigators are conducting searches at three places in Kanpur after registering the case.” The officials interrogated Vikram Kothari’s wife and son as well.  

Mr. Kothari is accused of taking loans from banks and failing to pay back the required amount. From the Union Bank in Mumbai, Kothari took a loan of Rs. 485 crores and Rs. 352 crores from Allahabad Bank in Kolkata. A year later Kothari did not pay the interest or the loan.

Last year, Bank of Baroda declared Rotomac Global Pvt., Ltd., as a wilful defaulter. Rotomac then went on to move the Allahabad High Court to remove their name from the list of wilful defaulters. The Court removed Rotomac from the list stating it was investigated and the company was clean.

But last year in 2017, Rotomac was again declared a wilful defaulter by an authorized committee. The committee filed the order based on the procedures by the Reserve Bank of India.

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