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India


CBI granted one-day transit remand of Rotomac owner Vikram Kothari, son

CBI granted one-day transit remand of Rotomac owner Vikram Kothari, son

New Delhi, Feb 23 (UNI) Additional Chief Metropolitan Magistrate Samar Vishal on Friday granted CBI one-day transit remand of Rotomac owner Vikram Kothari and his son Rahul to produce them before a Lucknow Court in connection with Rs 3,695 crores loan default case.
Central Bureau of Investigation had registered a case against Vikram, Rahul and others persons including unidentified bank officials.
It was alleged that a consortium of seven banks had extended loans worth Rs 2,919 crores to Rotomac Global Pvt Limited 2008 onwards. It was further alleged that the amount swelled to Rs 3,695 crores, including the accrued interest because of repeated defaults on payment.
Bank of Baroda, a member of the consortium led by Bank of India, had complained to the CBI fearing that Kothari may flee the country like Nirav Modi and his uncle Mehul Choksi.
It was submitted that the principal exposure of the banks regarding the loan was Bank of India Rs 754.77 crores, Bank of Baroda Rs 456.63 crores, Overseas Bank of India Rs 771.07 crores, Union Bank of India Rs 458.95 crores, Allahabad Bank Rs 330.68 crores, Bank of Maharashtra 49.82 crores and Oriental Bank of Commerce Rs 97.47 crores.
The agency had sought two-day transit remand from the court to take the Kotharis to Lucknow.
UNI XC RP1743

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