The Central Bureau of Investigation (CBI) on Monday conducted searches at the Kanpur home and offices of Rotomac Pens promoter Vikram Kothari over unpaid bank loans, an agency spokesperson said. The CBI had on Sunday registered an FIR against directors Vikram Kothari, Sadhana Kothari and Rahul Kothari, and unknown bank officials for allegedly defaulting on a loan of Rs 2,919 crore, according to a complaint by the Bank of Baroda. “It was alleged in the complaint that in the Rotomac case, conspirators cheated a consortium of seven banks by siphoning off bank loans to the tune of Rs 2,919 crore (principal amount),” an official with the CBI said, adding that this does not include the interest liabilities of these loans.

The Central Bureau of Investigation (CBI) on Monday conducted searches at the Kanpur home and offices of Rotomac Pens promoter Vikram Kothari over unpaid bank loans, an agency spokesperson said. The CBI had on Sunday registered an FIR against directors Vikram Kothari, Sadhana Kothari and Rahul Kothari, and unknown bank officials for allegedly defaulting on a loan of Rs 2,919 crore, according to a complaint by the Bank of Baroda. “It was alleged in the complaint that in the Rotomac case, conspirators cheated a consortium of seven banks by siphoning off bank loans to the tune of Rs 2,919 crore (principal amount),” an official with the CBI said, adding that this does not include the interest liabilities of these loans.