VIKRAM KOTHARI ACCUSED OF DEFAULTING RUPEES 800 CRORE LOANS

The managing director and chairman of Rotomac Global Private Limited Vikram Kothari is found to be accused of defaulting rupees 800 crore loans from five government run banks which are Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India and fleeing from the country.

Although he denied the allegations as the banks have declared his company as a Non Performing Asset (NPA) but not defaulter and the matter is still to be sub judice with National Company Law Tribunal (NCLT). Further he said he will pay all his debt eventually.

The fresh jolt comes days after the revelation of the mega Rupees 11,400 crore fraud at a Mumbai branch of Punjab National Bank, which allowed Nirav Modi Group to exploit the system and issued fake Letters of Undertaking (LoUs), helping it raise credit from overseas bank branches.