Rotomac owner sent to judicial custody till Mar 21

A Special Central Bureau of Investigation (CBI) Court on Wednesday sent Rotomac pens owner Vikram Kothari and his son Rahul Kothari to judicial custody till 21 March in connection with an alleged bank loan default case.

On February 22, Vikram and his son were arrested by the CBI after Income Tax (IT) Department filed 12 prosecution cases against M/s Rotomac Global (P) Ltd under various sections of the IT Act, 1961.

Earlier, a special court handed over the custody of Vikram and his son to the CBI for 11 days in the same case.

Both Vikram and his son allegedly cheated a consortium of seven nationalised banks.

Earlier, the CBI registered an FIR against the Kotharis who allegedly owe Rs 754.77 crore to the Bank of India, Rs 456.63 crore to the Bank of Baroda, Rs 771.07 crore to the Indian Overseas Bank, Rs 458.95 crore to the Union Bank of India, Rs 330.68 crore to the Allahabad Bank, Rs 49.82 crore to the Bank of Maharashtra and Rs 97.47 crore to the Oriental Bank of Commerce.

Earlier, the Income Tax (IT) department attached four immovable properties of the Rotomac Group of companies, in Kanpur and Ahmedabad.

The IT department also attached three more bank accounts of the group. Earlier, the Income Tax department had seized 12 bank accounts of Rotomac Group of Companies.