Rotomac Pens' owner seen at Kanpur wedding
February 19, 2018  10:13
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Vikram Kothari, the promoter of Rotomac Pen, has denied reports that he has left the country.

On Sunday media reports claimed that like billionaire jewellery designer Nirav Modi, Kothari too had gone abroad after swindling Rs 800 crore from various public sector banks.

The Kanpur-based company's owner had taken a loan of more than Rs. 800 crore from over five state-owned banks, including Allahabad Bank, Bank of India and Union Bank of India.

"I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foreign countries for business purposes," Kothari said.

Kothari was seen at the wedding of Jagran group owner Sanjeev Gupta's daughter's wedding in Kanpur yesterday, reported ANI.

The development comes less than a week after Punjab National Bank had detected a USD 1.77 billion (about Rs 11,400 crore) scam wherein Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.

The PNB fraud pertains to issuance of fake LoUs to companies associated with billionaire jeweller Nirav Modi by errant PNB employees, which enabled these companies to raise buyers credit from international branches of other Indian lenders.  - PTI
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