The CBI has registered a case of ₹3,695-crore wilful bank loan defaults involving Rotomac owner Vikram Kothari and others.
In the early hours of Monday, the CBI initiated searches on three premises of the accused persons. Mr. Kothari, wife and son were being questioned in Kanpur.
Following reports about loan defaults, the businessman had told the media that he had no intention to flee the country.
The loans in question were availed from several public sector banks, including Bank of India, Allahabad Bank, Indian Overseas Bank, Bank of Baroda and Union Bank of India.
Bank of Baroda's move in Feb. last year
It is alleged that in February last year, Bank of Baroda declared Rotomac Global Private Limited as a "wilful defaulter."
The company then moved the Allahabad High Court seeking the removal of its name from the list of wilful defaulters.
