After Nirav Modi now its Vikram Kothari – Is it a tradition now!

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After very rich person diamantaire, a gem quality diamond manufacturer/producer Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has additionally professedly traveled to another country in the wake of cheating Rs 800 crore from different open part banks including Allahabad Bank, BOI and Union Bank of India, according to the sources.

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The Kanpur-based organization’s proprietor had taken a credit of more than Rs 800 crore from more than five state-possessed banks. Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India bargained their guidelines to endorse advances to Rotomac, sources said.

Kothari took a credit of Rs 485 crore from Mumbai-based Union Bank of India and an advance of Rs 352 crore from Kolkata-based Allahabad Bank.

After a year, Kothari has allegedly not paid back either the intrigue or the advance.

A year ago, Bank of Baroda (BoB), a consortium accomplice announced pen producer Rotomac Global Pvt Ltd as “wilful defaulter”.

The Rotomac Pen organization moved the State High Court which is in Allahabad looking for expulsion of its name from the rundown of wilful defaulter.

A division seat including Chief Justice D B Bhosle and Justice Yashwant Verma had passed the request on an appeal to recorded by the organization, fighting that it has been wrongly proclaimed a “wilful defaulter” by BoB in spite of having “offered resources worth more than Rs 300 crore to the bank since the date of default”.

Rotomac was announced a wilful defaulter vide a request dated February 27, 2017 go by an approved board, according to the method set around the Reserve Bank of India.

The improvement comes not as much as seven days after Punjab National Bank (PNB) had distinguished a USD 1.

77 billion (about Rs 11,400 crore) trick wherein Nirav Modi professedly gained false letters of undertaking (LoUs) from a branch in Mumbai to secure abroad credit from other Indian banks.

The PNB misrepresentation relates to issuance of phony LoUs to organizations related with very rich person diamond setter Nirav Modi by errant PNB representatives, which empowered these organizations to raise purchasers credit from universal branches of other Indian loan specialists.

A month ago, PNB had stopped a FIR with CBI expressing that false LoUs worth Rs 280.7 crore were first issued on January 16.

At the time, PNB had said it was delving into records to analyze the greatness of the extortion.

In the grievance, PNB had named three jewel firms – Diamonds R Us, Solar Exports and Stellar Diamonds – saying they had moved toward it on January 16 with a demand for purchasers credit for making installment to abroad providers.

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