rotomac scam
Days after the Nirav Modi scam, Vikram Kothari, the promoter of Rotomac Pen, came into light for an alleged scam. It was stated that he had allegedly gone abroad after swindling Rs 800 crore from several public sector banks, including Allahabad Bank, Bank of India and Union Bank of India.
The news further stated that the banks compromised their rules to sanction loans for the Kanpur-based businessman. However, according to local media reports, the promoter said speculation of his fleeing the country is baseless.
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 now, Kothari has reportedly not paid back the interest and infact the loan amount. The company has approached the Allahabad High Court in order to remove its name from the list of wilful defaulter.
Kothari’s company, Rotomac was declared a defaulter in an order given out on February 27, 2017 passed by an authorised committee, as per the procedure set by the Reserve Bank of India.
The news further stated that the banks compromised their rules to sanction loans for the Kanpur-based businessman. However, according to local media reports, the promoter said speculation of his fleeing the country is baseless.
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 now, Kothari has reportedly not paid back the interest and infact the loan amount. The company has approached the Allahabad High Court in order to remove its name from the list of wilful defaulter.
Kothari’s company, Rotomac was declared a defaulter in an order given out on February 27, 2017 passed by an authorised committee, as per the procedure set by the Reserve Bank of India.
rotomac scam News
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