Now Its Rotomac Pens Owner Flees With Rs 800 Crore

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New Delhi: While the banking system of the country is yet to recover from Rs 11,400 crore Punjab National Bank (PNB) scam, another case of fraud has come to attention.

As per several reports, Vikram Kothari, owner of Rotomac Pens, has fled the country along with Rs 800 crore he had loaned from several public sector banks including Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India.

Just days after Rs 11,400 crore Punjab National Bank (PNB) fraud case shook the entire banking system of India, another multi-crore scam has come to light. According to recent media reports, Rotomac Pens owner Vikram Kothari has fled the country along with Rs 800 crore he had loaned from several public sector banks including Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India.

The reports have pointed out that all the banks had ‘compromised’ on several rules to lend the loans to Rotomac Pens. It further says that Kothari had taken a loan of Rs 495 crores from UCO and a loan worth Rs 352 crore from Allahabad bank.

However, he did not pay either the principal amount or the interest. Kothari’s office has been locked since the past one week as he is speculated to have fled the country. Bank authorities are now looking at auctioning in a bid to recover the amount.

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