The CBI registered a criminal case against Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari after Bank of Baroda's complaint.
New Delhi: The Central Bureau of Investigation (CBI) on Thursday arrested Rotomac owner Vikram Kothari and son Rahul Kothari in connection with Rs 3,695 crore loan default case.
The CBI had registered a criminal case against Rotomac Global Pvt Limited, its Director Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari and unidentified bank officials on a complaint received from Bank of Baroda and conducted raids against them on Monday.
It was alleged in the complaint from the Bank of Baroda that conspirators cheated a consortium of bank loans to the tune of Rs 3,695 crore including the interest component, CBI officials said.
The principal amount involved was Rs 2,919 crore. The ED subsequently registered a money laundering case against them.
The CBI on Wednesday questioned Vikram Kothari, and his son at its headquarter in Delhi.
The CBI had also carried out raids at the billionaire's home and establishments in Kanpur.
The Rotomac case came just days after the CBI initiated probe into the massive PNB fraud in which bank officials of the state-owned Punjab National Bank assisted diamantaire Nirav Modi and others get credit from overseas banks using fake guarantees. Nirav Modi and his family fled from the country in the first week of January.