After PNB-Nirav Modi Scam, Rotomac Pens Owner Vikram Kothari Disappears Owing Debt Over Rs 800-Crore to PSU Banks
The Congress on Sunday demanded the government to release "a white paper on the Indian banking system", alleging that a total of Rs 61,260 crore banking frauds have come to light in the past four years.
New Delhi, Feb 18: A couple of days after Rs 11,400-crore scandal involving diamond czar Nirav Modi and his maternal uncle Mehul Choksi was unearthed, another alleged scam has come to light involving Rotomac Pens owner Vikram Kothari.
Kothari, who heads the parent company of Rotomac Pens, is "missing" from the past one week. His office in Kanpur is found closed ever since, with no traces of him being unavailable.
According to reports, Kothari owed a total debt of Rs 800 crore. He had borrowed from two PSU banks - Rs 485 crore from Union Bank of India and Rs 352 crore from Allahabad Bank. The loan was reportedly taken last year, with no amount repaid so far.
Allahabad Bank manager Rajesh Gupta, while speaking to reporters, said he is hopeful of the amount being recovered by selling Kothari’s properties.
The Congress on Sunday demanded the government to release "a white paper on the Indian banking system", alleging that a total of Rs 61,260 crore banking frauds have come to light in the past four years of NDA government.
Meanwhile, the government agencies have launched a crackdown on the properties linked to Nirav Modi and Mehul Choksi, after the CBI registered an FIR against companies linked to them. The two jewellers are accused of being privy to the scandalous transactions conducted through their subsidiary firms, which robbed the PNB of upto Rs 11,400 crores.
Incidentally, the uncle-nephew duo "fled" away from India in the first week of January, which has allowed the Opposition to accuse the ruling government of "being hand-in-glove". The BJP, however, claimed that the scandal dates back to 2011, when the Congress-led UPA was in power.
(The above story first appeared on LatestLY on Feb 18, 2018 07:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).