Rotomac Pens owner Vikram Kothari arrested for Rs 800 Crore Loan Default

New Delhi, February 19: Just when the nation is yet to come to terms with the PNB scam, yet another bank fraud case has come to light with Rotomac Pens owner Vikram Kothari. The Central Bureau of Investigation (CBI) has arrested Rotomac Pens owner Vikram Kothari hours after a complaint against him was filed by Bank of Baroda.

Central Bureau of Investigation has filed a case against Rotomac pens owner Vikram Kothari and others following allegations of default on repayment of loans worth over 800 crore rupees borrowed from different banks.

The agency is also conducting raids on properties related to Kothari and others in Kanpur. Kothari, his wife and son are being questioned by the CBI in connection with the case.

After it was claimed that Rotomac Pens owner has fled after defaulting on his Rs 800 crore loan, Vikram Kothari refuted the reports. "I have been in talks with banks for long. Three meetings have taken place with the banks," he said.

The Kanpur-based company's owner had taken loans from Allahabad Bank, Bank of Baroda, Indian Overseas Bank and Union Bank of India which have been reportedly put under Non-Performing Asset by these banks.