Media Eye News Bureau: The Central Bureau of Investigation (CBI) officials have revealed that the Rotomac loan default case would touch Rs 3,695 crore,including interest.
Investigators raided Vikram Kothari's home and establishments in Uttar Pradesh's Kanpur around daybreak, hours after the CBI filed a First Information Report (FIR).
Vikram Kothari has denied any wrongdoing. "Yes, I took a loan from the bank but it's wrong information that I haven't paid," he said.
Mr Kothari, his wife and son were questioned during the searches that began around 4 am at three addresses in Kanpur.
Earlier, it was stated by investigator that the default would amount to Rs 800 crore. However, in the complaint filed by the the Bank of Baroda, it was alleged that a consortium of seven banks had been cheated by Kothari and his company by siphoning off Rs 2,919 crore taken as loan. Total outstanding amount, along with interest, would amount to Rs 3,695 crore, a CBI official, who did not want to be identified, said.
Kothari is the Chairman and Managing Director of the Kanpur-based Rotomac Global Private Limited which had obtained the money from the consortium of banks. His wife Sadhana and son Rahul are directors of the company.
