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After Nirav Modi, Rotomac Pens Owner goes Untraceable with Bank loans

Franchise India Bureau
Franchise India Bureau Feb 19 2018 - 1 min read
After Nirav Modi, Rotomac Pens Owner goes Untraceable with Bank loans
The scam came to fore after the PNB fraud case by Nirav Modi, Kothari's office in Kanpur's City Center road has been locked and he himself has been untraceable ever since.

Rotomac Pens owner Vikram Kothari is allegedly has gone untraceable after taking loans worth Rs. 837 crore. Kothari took loan of Rs. 352 crore from Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks: Bank of Baroda, Indian Overseas Bank, and Union Bank of India.

Rajesh Gupta, Recovery Agent of Allahabad Bank said, “The loan amount is being recovered from the attached properties of Kothari. Allahabad Bank has given loan (to Vikram Kothari) and recovery process is going on. Since properties are attached with loan, so we are hopeful that maximum loan will be recovered at the earliest."

About the loan amount, Gupta said, "The loan is of Rs. 352 crore, which will be recovered through attached properties." The Kanpur banks have put Kothari's loan amount under non-performing asset (NPA).

The scam came to fore after the PNB fraud case by Nirav Modi, Kothari's office in Kanpur's City Center road has been locked and he himself has been untraceable ever since.

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