Vikram Kothari and his son Rahul Kothari, the owners of the Rotomac Pen Company, have been arrested by the CBI on charges of embezzlement of 3700 crore from banks.
New Delhi: The CBI has arrested Vikram Kothari and his son Rahul Kothari, owner of Rotomac Pen Company, for the alleged misappropriation of 3700 crore from banks. Both of these are the owners of Rotomac Global Private Limited, which is in Kanpur. Let us know that in the past, the CBI had brought both to Delhi for questioning. Over 7 banks have been charged with embezzlement.
CBI has registered the case on the basis of complaint of Bank of Baroda. In the evening, the CBI had taken both of them together for interrogation in Kanpur. For two consecutive days, the CBI raided their house in Kanpur. Kothari is conducting a fund-raising inquiry against alleged bank loan fraud of Rs 3,700 crore.
The investigating agency also raided several places in Uttar Pradesh, including Unnao and Kanpur to collect evidence in this case. Official sources said that according to the primary investigation, the amount of loan was not utilized for the desired purposes. The immigration authorities were notified by the Central Investigation Agency by issuing a lookout circular to ensure that Kothari, his wife Sadhana and son Rahul could not leave the country.
Enforcement Directorate has filed criminal charges against the Rotomac Company and its promoters on 18th February under the Prevention of Money Laundering Act (PMLA). This allegation was imposed on the basis of an FIR lodged by the CBI on the same day. Let you know that this case came after the encounter of about 11.11 thousand Crore Rupees Fraud by Nirav Modi.