New day, New Scam.
NEW DELHI: Seems to be a good time for looting banks particularly if you are in India. After billionaire jeweller Nirav Modi industrialist Vikram Kothari of Rotomac Pen, has been charged by the CBI and is being raided. In a FIR filed last night, the agency has charged him with defaulting on loans worth Rs.800 crore.
CBI started the investigation against him following a formal letter of complaint by the Bank of Baroda, one of the banks from which Vikram Kothari had taken huge loans.
Vikram Kothari denied any wrongdoing. “Yes, I took a loan from bank but it’s wrong information that I haven’t paid amount to the bank in return of that,” he said.
Kothari allegedly took loans worth more than Rs. 800 crore from five state-owned banks, Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India. This case has come in the midst of the PNB scam in which the bank employees helped Nirav Modi in the process, Modi and his family left India in January, CBI started investigating the fraud in February.
Amid reports Kothari too has left India- like several high-profile tycoons under investigation – he was spotted at a wedding on Sunday night. “I live here and will continue to live here only. There is no country better than India. I am not going to run away anywhere,” he told reporters today.
In February 2017, Mr Kothari was declared a defaulter for failing to repay the loans. However, he approached the Allahabad High Court against the order by the banks.
All through last year, various properties belonging to Mr Kothari and his family members were put up for auction by the banks to recover a part of their dues.
In the last decade, Rotomac emerged as a prominent pen brand that counted people like film star Salman Khan among its brand ambassadors. he also owns the popular pan masala brand – Pan Parag.