Lucknow, Feb 24: The CBI court has handed over the custody of Rotomac pens owner Vikram-Kothari and his son Rahul Kothari to the Central Bureau of Investigation for 11 days regarding the loan default case of Rs 3,695 crore.
The CBI on Saturday produced the Kotharis before the special judge M P Chaudhari after taking them to Lucknow on a transit remand from the capital city.
The Special court judge had initially taken them in judicial custody and later they were remanded in CBI custody for 11 days.
Both Vikram Kothari and his son Rahul Kothari were arrested for defrauding a consortium of seven nationalised banks. Sadhna Kothari, wife of Vikram Kothari's wife is also accused in the case.
The CBI arrested Vikram Kothari and Rahul Kothari on Thursday in Delhi after the investigation team has informed that the accused are not cooperating with the probe.
The arrest was made after a complaint was fled by the Bank of Baroda. The CBI had registered an FIR against the Kotharis for allegedly defaulting on loans taken by Rotomac Global Private Ltd. from the consortium of banks from 2008 onwards.
The banks had given loans of Rs 2,919 crore to the Rotomac pen company. The repeated defaults on payment by the company lead to an increase in the amount to Rs 3,695 crore, including the interest on the loan amount.
AFter getting the complaint from the bank of Baroda, the CBI had initiated action against the defaulters.
A member of the consortium of banks led by Bank of india had approached the CBI and expressed fear that Rotomac owner Vikram Kothari might flee India like billionaire diamond merchant Nirav Modi.
In the Rotomac case, the maximum exposure of the banks regarding the loan is Bank of India Rs 754.77 crore, Bank of Baroda Rs 456.63 crore, Overseas Bank of India Rs 771.07 crore, Union Bank of India Rs 458.95 crore, Allahabad Bank Rs 330.68 crore, Bank of Maharashtra 49.82 crore and Oriental Bank of Commerce Rs 97.47 crore, according to CBI.