The CBI on Thursday arrested Rotomac Global Private Limited promoter-director Vikram Kothari and his son in the alleged ₹3,695-crore “wilful” loan default case. They have been accused of cheating a consortium of seven nationalised banks.
Seven banks, Rs 2,919-crore loan
Of the total Rs 2,919 crore principal amount (excluding interest) given to Vikram Kothari's Rotomac, Bank of India loaned Rs 754.77 crore, Bank of Baroda Rs 456.63 crore; Indian Overseas Bank Rs 771.07 crore; Union Bank of India Rs 458.95 crore; Allahabad Bank Rs 330.68 crore; Bank of Maharashtra Rs 49.82 crore; and Oriental Bank of Commerce Rs 97.47
The CBI officials said that Vikram Kothari and his son, who were called for questioning, were arrested after they failed to cooperate with the investigation.
Vikram Kothari, his son Rahul Kothari and wife Sadhana Kothari are directors of the Rotomac Global Pvt
Kothari, who was called at the CBI headquarters in New Delhi for questioning, and his son Rahul were not cooperating in the investigation that led to their arrest, said CBI officials said.
A consortium of seven public sector banks had given Rotomac Global bank loans worth Rs2,919 crore since 2008, the CBI FIR has said. The amount swelled to Rs3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.
Income tax department has issued a showcause notice to the group stating as to why prosecution should not be launched against them for alleged tax evasion. The principal exposure of the banks regarding the loan is Bank of India Rs754.77 crore, Bank of Baroda Rs456.63 crore, Overseas Bank of India Rs771.07 crore, Union Bank of India Rs458.95 crore, Allahabad Bank Rs330.68 crore, Bank of Maharashtra Rs49.82 crore and Oriental Bank of Commerce Rs97.47 crore, officials said.
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