Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
  • Municipal Corporations 9/10
  • TRS 8
  • INC 0
  • BJP 1
  • AIMIM 0
  • OTH 0
  • MUNICIPALITIES 114/120
  • TRS 96
  • INC 9
  • BJP 3
  • AIMIM 2
  • OTH 4
Refresh Data
News18 » Business
1-min read

Another PNB-Like Scam? Rotomac Pens Owner 'Flees' After Taking Rs 800 Crore from Govt-run Banks

According to sources, Vikram Kothari took a loan of Rs 485 crore from Union Bank of India and a loan of Rs 352 crore from Allahabad Bank. A year later, Kothari has been reported to not have paid back either the interest or the loaned amount.

Rounak Kumar Gunjan | News18.com@Rounak_T

Updated:February 19, 2018, 10:32 AM IST
facebookTwitter Pocket whatsapp
Another PNB-Like Scam? Rotomac Pens Owner 'Flees' After Taking Rs 800 Crore from Govt-run Banks
Image for representation.

Kanpur: Just days after the Punjab National Bank (PNB) Rs 11,360 crore fraud came to light, another state-run bank has reported a million dollar scam. The parent company of Rotomac Pens has been accused of fleeing with loans of more than Rs 800 crore from various government banks in the country.

According to sources, the owner of the company, Vikram Kothari, had taken a loan of more than Rs 800 crores from five government banks. Sources have confirmed that Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to render these loans to Kothari.

Kothari took a loan of Rs 485 crore from Union Bank of India and a loan of Rs 352 crore from Allahabad Bank. A year later, Kothari has been reported to not have paid back either the interest or the loaned amount.

Kothari's office in Kanpur’s City Center road has been locked for the past week. Kothari, too, has been untraceable ever since.

Meanwhile, Allahabad Bank manager Rajesh Gupta said he hoped the amount would be recovered by selling Kothari’s properties.

This comes after jewellers Nirav Modi and Mehul Choksi were involved in fraudulent transactions worth Rs 11,360 crore through PNB.

According to a complaint by PNB, the biggest fraud in Indian banking history involved two junior officials at a Mumbai bank branch issuing "letters of undertaking" to firms linked to Modi and Choksi for them to obtain credit from overseas branches of other Indian lenders.

While three companies of Mehul Choksi — Gitanjali Gems, Gili India and Nakshatra Brand Ltd — have been named in the CBI FIR, Modi and Choksi’s passports have now been cancelled for four weeks by the Ministry of External Affairs.

“On the advice of the Enforcement Directorate, the passport issuing authority in the Ministry of External Affairs has suspended the validity of passports of Mr Nirav Deepak Modi and Mr Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967,” said a press release by the MEA.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Aditya Nair
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 42.75 4.40
AAVAS Financier 1,951.00 -2.43
Infosys 782.95 -0.20
Alembic Pharma 590.20 0.03
Reliance 1,521.70 -0.35
Top Gainers
Company Price Change %Gain
UltraTechCement 4,641.05 2.47
Tech Mahindra 787.50 2.43
Kotak Mahindra 1,643.95 2.35
Larsen 1,359.80 2.03
Axis Bank 737.30 2.01
Top Losers
Company Price Change %Gain
Power Grid Corp 196.95 -2.14
IndusInd Bank 1,316.00 -1.21
Tata Motors 186.45 -1.04
Sun Pharma 447.70 -0.49
TCS 2,184.60 -0.40

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results