Rs 37-bn loan default case: CBI arrests Rotomac owner Vikram Kothari, son

CBI had registered a case against the pen maker and officials of various banks in connection with an alleged scam to siphon off bank loans worth Rs 29.19 bn

The CBI today arrested Rotomac owner Vikram Kothari and his son Rahul, both directors in the company, for alleged default on loan repayments to the tune of Rs 37 billion, officials said here.

Kothari, who was called at the agency headquarters here for questioning, and Rahul were not cooperating in the investigation that led to their arrest, they said.

A consortium of seven nationalised banks has given bank loans worth Rs 29.19 billion from 2008 onwards Rotomac Global Pvt Limited from 2008 onwards, the CBI FIR has alleged.

The amount swelled to Rs 37 billion, including the accrued interest, because