Bank of India seizes Rotomac’s Kothari House in Kanpur in 900 crore scam
india, Politics

Bank of India seizes Rotomac’s Kothari House in Kanpur in 900 crore scam

Kanpur: Bank of India (BOI) has seized the house of Rotomac company owner Vikram Kothari for non-repayment of 900 crore loan. Kothari has taken a loan from four bank accounts but failed to pay back, now bank will recover its amount by selling the house.

Earlier Central Bureau of Investigation (CBI) team had arrested Kothari and his son from this bungalow which is located in Tilak Nagar area of the city.

Kothari has taken the loan in the name of four different companies from BOI Birana road branch.

Acting on CBI FIR, the Enforcement Directorate (ED) had registered a money laundering case against Vikram Kothari and his family members under the Prevention of Money Laundering Act (PMLA).

After one and a half year on December 4, the bank seized the house (House no-7/23, Tilak Nagar) for the nonpayment of loan taken under Rotomac Global Private Limited.

BOI issued a notice which stated that currently apart from 848 crore loan, an interest for the same is due since September 30, 2015, and there are some other expenses which are also pending.

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