Now, Rotomac Pen’s Rs 800-cr defaulter ‘flees’

New Delhi, February 18

After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs 800 crore from various public sector banks, sources said.

The Kanpur-based company’s owner had taken a loan of more than Rs 800 crore from over five state-owned banks.

Allahabad Bank, Bank of India, Bank of Baroda (BoB), Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, the sources said. According to local media reports, the promoter said speculation of his fleeing the country is baseless.

“I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foriegn countries for business purposes,” Kothari said.

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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, BoB declared Rotomac Global Pvt Ltd as “wilful defaulter” and the firm had moved the Allahabad HC seeking removal of its name from the list. — PTI