Kanpur: CBI raids Rotomac owner Vikram Kothari, interrogates him
CBI raids
Kothari allegedly failed to return Rs 800 crore loan he took from various public sector banks
The Central Bureau of Investigation (CBI) conducted raids Monday on the properties of Rotomac Pens'owner Vikram Kothari.
Kothari's home in Kanpur was also raided.
Kothari, his wife and their son are currently being questioned by the agency.
The investigative agency also filed a case against him for failing to return the Rs 800 crore loan he has taken from various public sector banks.
News reports had earlier said that Kothari may, like Nirav Modi, have fled the country. But they turned out to be false.
Meanwhile, ANI reported Kothari's lawyer Sharad Kumar Birla as saying, "It is a case of loan default and not fraud."
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Kothari has been saying the same thing as well:
Kothari took loans from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India and reportedly the banks compromised with their rules to give loans to him.
The banks have put Kothari's loan amount under non-performing asset (NPA) and since last week, his office in Kanpur's City Center road has been locked.
The Kothari's development comes less than a week after Punjab National Bank (PNB) had detected an Rs 11,400 crore scam wherein Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.