Rotomac chairman Vikram Kothari, son sent to 11-day CBI custody
Lucknow: Chairman of Rotomac company Vikram Kothari and his son Rahul have been remanded to Central Bureau of Investigation (CBI) custody for 11 days in connection with Rs 3,700 crore bank scam.
MP Chaudhary, the Special CBI Judge, granted the custody on the application of CBI Deputy SP and investigation officer GM Rathi after investigating agency produced them in the court here on Saturday. They were brought on transit remand from Delhi, where they were arrested on Thursday.
Their remand will end at 1400 hours on March 7.
It is worth mentioning that Kothari and his son are accused of cheating a consortium of banks of Rs 3,695 crore (including interest) by siphoning off loans sanctioned to his company (Rotomac) for procurement of wheat and other goods for export.
The agency had arrested them after daylong questioning at the CBI headquarters in south Delhi’s Lodhi Road area.
It was the Kotharis’ questioning for the fourth consecutive day since the CBI filed the case against him and his family, and raided their residential and office premises in Kanpur in Uttar Pradesh.
The agency filed the FIR on Sunday night after getting a complaint against Kothari, his wife Sadhana and son Rahul, from the Bank of Baroda. Kothari is the Chairman and Managing Director of Rotomac while his wife and son are Directors.
Kothari had obtained Rs 2,919 crore from Bank of India (Rs 754.77 crore), Bank of Baroda (Rs 456.63 crore), Indian Overseas Bank (Rs 771.07 crore), Union Bank of India (Rs 458.95 crore), Allahabad Bank (Rs 330.68 crore), Bank of Maharashtra (Rs 49.82 crore) and Oriental Bank of Commerce (Rs 97.47 crore), the FIR said.
Kothari, his wife, son, firm Rotomac, some unidentified bank officials and private persons were booked on charges of criminal conspiracy, cheating and forgery under the Indian Penal Code and Prevention of Corruption Act.
The Bank of Baroda complaint said that the banks had extended credit to the Kanpur-based firm and its related companies from 2008 onwards.
The CBI had earlier confiscated several belongings of Kothari and his family, including laptops and mobile phones.