NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Rotomac's Vikram Kothari, son arrested for Rs. 3,695cr loan default
    Business

    Rotomac's Vikram Kothari, son arrested for Rs. 3,695cr loan default

    Rotomac's Vikram Kothari, son arrested for Rs. 3,695cr loan default
    Written by Gogona Saikia
    Feb 23, 2018, 11:07 am 2 min read
    Rotomac's Vikram Kothari, son arrested for Rs. 3,695cr loan default

    The CBI has arrested Rotomac Chairman Vikram Kothari and his son Rahul for siphoning off bank loans worth Rs. 3,695 cr. Before arresting them, they were questioned for four days, but they weren't cooperating and "were evasive in their replies," the agency said. Earlier, there were reports he had fled the country, but he had denied the speculations.

    What does the complaint against Kothari allege?

    Kothari has been accused of defaulting on loans worth Rs. 2,919cr- with interest Rs. 3,695cr- taken from seven banks including Allahabad Bank, Bank of India, Indian Overseas Bank and Union Bank of India. Bank of Baroda lodged a complaint over fake mercantile trade after discovering that offices of Rotomac's suppliers and buyers in Dubai, Hong Kong and Sharjah were either closed or operating virtually.

    What was the MO of Kothari's alleged scam?

    Rotomac was allegedly taking loans for business purposes, but the money was diverted elsewhere. For example, an export loan of Rs. 15.50cr was instead split and remitted to Rotomac Global and M/S Madrid Implex. Another loan for M/S Starcom Resources, Singapore, for supply was diverted to M/S Bargadia Brothers and remitted to Rotomac. Kothari allegedly created many fake companies to seek loans from banks.

    What's happening in the case now?

    The complaint alleged violation of FEMA guidelines and misappropriation of funds to the tune of Rs. 3,695cr. CBI has charged Rotomac Global Pvt Ltd, its directors Vikram Kothari, his wife Sadhana and son Rahul, as well as unknown bank officials in the case. They will now be questioned in custody. I-T has already attached four of their properties in Kanpur and Ahmedabad.

    What does Kothari have to say about it?

    Kothari has reportedly maintained that he hasn't committed fraud and plans to return all loans taken by Rotomac in due course. This was the reason he hadn't attempted to leave India or even Kanpur, his hometown, he said.

    A brief glimpse into the Kotharis' empire

    Vikram Kothari's family business was divided between him and his brother Deepak Kothari in the early 1990s. While Vikram got Rotomac, Deepak got the Pan Parag business. The top brass in the Rotomac business could now lose their assets as Allahabad Bank manager Rajesh Gupta had said they would sell properties if they can't repay the loans.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Central Bureau Of Investigation (CBI)
    Bank of Baroda
    Union Bank of India
    Vikram

    Latest

    What's next for Donald Trump in hush money indictment case Donald Trump
    Spinal health: Yoga has got your 'back' with these asanas Yoga
    Cryptocurrency prices: Check today's rates of Bitcoin, Ethereum, Dogecoin, Tether Cryptocurrency
    K-pop: Jisoo's debut solo album 'ME' released; 'Flower' video out K-Pop

    Central Bureau Of Investigation (CBI)

    CBI raids underway in corruption case involving Safdarjung Hospital doctor Delhi
    CBI pressured me to frame Modi in fake encounter: Shah Amit Shah
    Delhi: Manish Sisodia's bail plea hearing adjourned till April 5 Manish Sisodia
    Land-for-jobs scam: Tejashwi Yadav appears before CBI for questioning Tejashwi Yadav

    Bank of Baroda

    RBI is looking into Indian banks' exposure to Adani Group Adani Group
    Maharashtra farmer in trouble after finding Rs. 15L in account Narendra Modi
    Cashback worth Rs. 5,000 on BS6-compliant Honda SP 125 motorbike ICICI Bank
    Cashback worth Rs. 5,000 on Honda Hornet 2.0 this December India

    Union Bank of India

    Government to merge 10 major public sector banks into 4 Punjab National Bank
    All you need to know about IRCTC Loyalty scheme India
    Over 23,000 bank-fraud cases involving Rs. 1-lakh-crore in 5 years Central Bureau Of Investigation (CBI)
    PSBs among leading govt bodies in rejecting RTI pleas: Study India

    Vikram

    'Ponniyin Selvan Part 2' trailer: Everything you need to know Ponniyin Selvan
    All we know about 'Chiyaan' Vikram's long-delayed 'Dhruva Natchathiram' South Indian Cinema
    Mani Ratnam's 'Ponniyin Selvan-2': Makers announce release date with teaser Ponniyin Selvan
    'Ponniyin Selvan I': Will Mani Ratnam-directorial touch Rs. 500cr mark? Ponniyin Selvan

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023