Rotomac bank fraud: Vikram Kothari, son sent to 1-day transit remand

Rotomac Pens owner Vikram Kothari and his son Rahul Kothari have been sent to a one-day transit remand by Delhi's Patiala House Court in connection with a case of loan default of approximately Rs 3,700 crore taken from seven public sector banks.

Both were produced before the court by the Central Bureau of Investigation (CBI) in connection with the matter.

The duo, who was arrested on Thursday, will be produced before the concerned court in Lucknow on Saturday.

As per the FIR, Kothari owes 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.

The principal loan amount stands at Rs 2919 crore.

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

Raids were also conducted by the CBI on Monday.

--ANI