Vikram Kothari Responds on the allegations of Bank Fraud

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.

Central Bureau Of Investigation (CBI) On Monday had raided the properties of Rotomac MD Vikram Kothari.Earlier there were reports that he had left the country after duping the banks.

However, the Company owner has responded on the allegations against him and said that he is Kanpur only and he has not left the country.

He has added that "First of all, don't call it a scam. Also, I am not leaving the country and I am very much in Kanpur. Banks have declared my company nonperforming asset (NPA), but not the defaulter. The matter is still sub judice with National Company Law Tribunal (NCLT). I have taken loans and will repay it all soon."

He added that "I may have to travel to foreign countries for business purposes.|"