Rotomac Chief Vikram Kothari Dies In Kanpur

Vikram Kothari, promoter and managing director of Rotomac Global Pvt., died in his Kanpur home on Tuesday, according to media reports.

Kothari, an accused in a multi-crore bank loan fraud, spent nearly two years in jail before getting bail on health grounds, Business Standard newspaper reported. The alleged scam came to light after Rotomac defaulted on loan repayments.

The Central Bureau of Investigation’s probe revealed that the company had taken loans from Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad bank and Oriental Bank of Commerce. The CBI alleged that Kothari defrauded the consortium of banks by siphoning loans worth Rs 2,919 crore. The total outstanding dues of the company, along with interest and liabilities, were pegged at Rs 3,695 crore.