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Published On: Sun, Feb 18th, 2018

After Nimo,Rotomac Pens owner Vikram Kothari Rs. 800 Crore Defaulter Flees Country

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vikram-kothari-with-atal-bihari_1488266207NEW DELHI: Days after, country’s second-largest public sector lender Punjab National Bank (PNB) Rs 11,400 crore fraud came to light, where billionaire diamantaire Nirav Modi and his maternal Mehul Choksi were the main accused in the scam.

Now, another multi-crore fraud was reported, where the promoter of Rotomac Pens, Vikram Kothari has been accused of fleeing with loans of more than Rs 800 crore from various state-run banks in the country.The Kanpur-based company’s owner had taken a loan of more than Rs. 800 crore from over five state-owned banks.

Vikram Kothari, who is the promoter of Kanpur-based firm Rotomac Pens has allegedly gone abroad after swindling more than Rs 800 crore from five public sector banks. Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, sources said.
Rotomac was declared a wilful defaulter vide an order dated February 27, 2017 passed by an authorised committee, as per the procedure laid down by the Reserve Bank of Ind

Vikram 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, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as “wilful defaulter”.
The company then moved to Allahabad High Court seeking removal of its name from the list of wilful defaulter. A division bench comprising Chief Justice D B Bhosle and Justice Yashwant Verma had passed the order on a petition filed by the company, contending that it has been wrongly declared a “wilful defaulter” by BoB despite having “offered assets worth more than Rs 300 crore to the bank since the date of default”.
According to the procedure laid down by the Reserve Bank of India, Rotomac was declared a wilful defaulter vide an order dated February 27, 2017, passed by an authorised committee.
This development comes less than a week after state lender PNB had detected about Rs 11,400 crore scam wherein Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.(With Agency Inputs ).

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