Another bank fraud Vikram Kothari absconding
NEW DELHI: After the Punjab National Bank (PNB) fraud, more public sector banks (PSBs) in the country seem to have suffered a massive scam. Kanpur-based Rotomac Pen Company owner Vikram Kothari, who has taken loans of Rs 485 crore from Union Bank of India and Rs 352 crore loan from Allahabad Bank, is being accused of fleeing with the money.
Kothari had also reportedly taken loans from Bank of India, Bank of Baroda and Indian Overseas Bank, which are yet to be returned. It is now over a year since he took the Union Bank of India and Allahabad Bank loans but neither has he paid the interest nor has he repaid the loan principal.
The lock has been closed for several days at the office of Rottomac Company at the City Center of Kanpur . Kothari is also said to be missing.
Rajesh Gupta, an Allahabad Bank manager, has expressed the hope that the money will be recovered by selling Vikram Kothari's properties.