The Allahabad High Court has granted bail to businessman Rajesh Bothra in connection with the Rotomac 'scam', citing the likelihood of a prolonged trial.
Multi-core loan default accused and promoter of Rotomac Group 73-year-old Vikram Kothari died in a freak accident at his Kanpur residence on Tuesday morning. According to reports, the erstwhile stationery czar sustained grievous head injuries after slipping in his bathroom and later succumbed to his injuries. He was reportedly alone at his Tilak Nagar residence at the time of the incident. Vikram, also known as 'India's Pen King', was accused in a bank loan scam worth thousands of crores pertaining to Rotomac Global, which exported writing instruments overseas.
According to a complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs 3,695 crore. The scam was earlier estimated at around Rs 800 crore.
Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances