Money & Banking

CBI arrests Rotomac owner Vikram Kothari

PTI New Delhi | Updated on February 22, 2018 Published on February 22, 2018

Vikram Kothari

The CBI today arrested Rotomac owner Vikram Kothari and his son Rahul, both directors in the company, for alleged default on loan repayments to the tune of ₹3,695 crore, officials said here.

Kothari, who was called at the agency headquarters here for questioning, and Rahul were not cooperating in the investigation that led to their arrest, they said.

A consortium of seven nationalised banks has given bank loans worth ₹2,919 crore from 2008 onwards Rotomac Global Pvt Limited from 2008 onwards, the CBI FIR has alleged. The amount swelled to ₹3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.

The CBI has initiated the action on the complaint of Bank of Baroda, which was a member of consortium led by Bank of India, which had approached the agency fearing that Kothari may flee the country like Nirav Modi and his uncle Mehul Choksi.

Published on February 22, 2018
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