Rotomac Pen company dupes banks about RS 800 CR

New Delhi Feb 19: Another bank fraud has been exposed recently.Rotomac pen company is accused of duping Rs 800 crore from various PSU banks. Sources said that the loans are being taken from Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India.

Sources added that " Kothari the Owner of Pens company took a loan of Rs 485 crore from Union Bank of India and a loan of Rs 352 crore from Allahabad Bank. But after a year, neither paid the interest nor the amount taken. Kothari's office in Kanpur is locked for past week and he is also not traceable ever since."

The bank officials said that they would recover his loans by selling his properties.