Rotomac Owner Flees India After Taking Rs 800 Crore Loans
The Kanpur-based company’s owner had taken a loan of more than Rs 800 crore from over five state-owned banks.
After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs 800 crore from various public sector banks, including Allahabad Bank, Bank of India and Union Bank of India, people familiar with the matter said.
The Kanpur-based company’s owner had taken a loan of more than Rs 800 crore from over five state-owned banks.
Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, the people said. Kothari took a loan of Rs485 crore from Mumbai-based Union Bank of India and a loan of Rs352 crore from Kolkata-based Allahabad Bank.
A year later, Kothari has reportedly not paid back either the interest or the loan. Last year, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as “wilful defaulter”.