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After Nirav Modi, Rotomac Pen’s Vikram Kothari ‘flees’ with Rs 800 crore loan

Vikram Kothari, the promoter of Rotomac Pen, has allegedly gone abroad after swindling Rs 800 crore from various public sector banks, including Allahabad Bank. (Representational)

Vikram Kothari, the promoter of Rotomac Pen, has allegedly gone abroad after swindling Rs 800 crore from various public sector banks, including Allahabad Bank. (Representational)

NEW DELHI:

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, sources 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 sources said.

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Credit: indianexpress.com

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