After Nirav Modi case, the next case that has come to the surface is that of a bank fraud case. Here are the details:
- Vikram Kothari, wife and son questioned by CBI officers, and raids conducted.
- He was declared a wilful defaulter in 2017 for failing to repay loans
After billionaire jeweller Nirav Modi, now industrialist Vikram Kothari, the promoter of Rotomac Pens, is being investigated by the CBI for defaulting on more than Rs. 3,700 crore in loans from government banks. Investigators raided Vikram Kothari’s home and establishments in Uttar Pradesh’s Kanpur around after the CBI filed a First Information Report (FIR). Vikram Kothari has denied that he has defaulted the loan.
- CBI sources say action against the billionaire followed a formal complaint by Bank of Baroda, one of the banks from which Vikram Kothari had taken loans.
- Mr Kothari allegedly owes 3,695 crore to Allahabad Bank, Bank of India, Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Oriental Bank of Commerce and Union Bank of India.
- Mr Kothari, his wife and son were grilled during the searches at three addresses in Kanpur.
- The raids on Mr Kothari coincide with a CBI investigation into the massive PNB scam in which bank officials helped Nirav Modi and others get credit from overseas banks using fake guarantees. Nirav Modi and his family left the country in the first week of January, before the CBI started investigating the fraud.
- In February last year, Mr Kothari was declared a wilful defaulter. He contested it in the Allahabad High Court and won but allegedly didn’t pay his dues.
- 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.