CBI gets one-day transit remand of Rotomac owner Vikram Kothari, son

A Delhi court on Friday granted the CBI's plea for one-day transit remand for Rotomac owner Vikram Kothari and his son Rahul to produce them before a Lucknow court in connection with a Rs 36.95 billion loan default case.

The duo was produced before Additional Chief Metropolitan Magistrate Samar Vishal and the agency sought two-day transit remand from the court to take them to Lucknow.

The court allowed a day's transit remand for both the accused, who were arrested yesterday for alleged default on loan repayment.

A consortium of seven banks had extended loans worth Rs 29.19 billion to Rotomac Global Pvt Limited 2008 onwards, according to a CBI FIR.

The amount swelled to Rs 36.95 billion, including the accrued interest, because of repeated defaults on payment, the agency has claimed.

The CBI initiated the action on the complaint of Bank of Baroda, a member of the consortium led by Bank of India, which had approached the agency fearing that Kothari may flee the country like Nirav Modi and his uncle Mehul Choksi.

The principal exposure of the banks regarding the loan is Bank of India Rs 7.54 billion, Bank of Baroda Rs 4.5 billion, Overseas Bank of India Rs 7.7 billion, Union Bank of India Rs 4.58 billion, Allahabad Bank Rs 3.30 billion, Bank of Maharashtra 498 million and Oriental Bank of Commerce Rs 974 million, the agency has said.

The CBI had filed the case against Vikram, his wife Sadhana and Rahul, and unidentified bank officials.