The Central Bureau of Investigation conducted raids at the Rotomac Pens promoter Vikram Kothari’s residence at Kanpur and several offices. The raid began at 4 in the morning, and Kothari, along with his wife and son were questioned by the authorities. CBI has alleged that Vikram has defaulted on a Rs 800 crore, from banks that include Allahabad Bank, Bank of India and Union Bank of India. These are all state-owned establishments. There had been some rumors that he had also fled the country, but they’re false, as he was spotted at a wedding last night. Kothari has said that he won’t be leaving the country.
Kothari has said that amid the raids, he has no plans to leave the country as the business is still going on. The company had declared itself a willful defaulter a year ago, on February 27, 2017.
The raid and the default case have been another addition to the Punjab National Bank scam, in which the famous Jeweler Nirav Modi has been convicted of cheating the bank with 12oo crores. Nirav has fled the country, although his Passport has been restricted, with a warning to return the given weeks. Nirav Modi was the head of the firestar diamonds whose clients included actors like Priyanka Chopra. The actress has also filed a case against the mogul for not giving her enough money for the the advertisement campaign.