CBI questions Rotomac owner in Rs 800 crore loan default case
The Central Bureau of Investigation has questioned Vikram Kothari in connection with the alleged Rs 800 crore bank loan default case. Earlier the CBI took up the Rs 800 crore bank fraud case involving Rotomac. The agency filed the FIR after it was found that the company had taken a loan of Rs 800 crore and not repaid the same.
The Kanpur-based company's owner had taken a loan of more than Rs 800 crore from over five state-owned banks.
Allahabad Bank, Bank of India, Bank of Baroda (BoB), Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, the sources said.
Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
Last year, BoB declared Rotomac Global Pvt Ltd as "wilful defaulter" and the firm had moved the Allahabad HC seeking removal of its name from the list.