Politics News

Vikram Kothari, Rotomac Promoter Accused of Multi-Crore Loan Fraud, Dies in Accident

Rotomac Group promoter Vikram Kothari passed away at his Kanpur residence on Tuesday Morning. The 73-year-old succumbed to serious head injuries that he sustained after slipping in his bathroom, reported Business Standard. Vikram was reportedly alone at the time of the incident. His servants discovered him in an unconscious state in the morning and called a doctor who declared him dead. The last rites were performed at Bhairav Ghat in Kanpur.

Once known as ‘India’s pen king’, Vikram rose to fame with the launch of the writing instrument brand, Rotomac in 1992. The brand quickly acquired a substantial share, not just in the domestic market but in various offshore locations as well.Vikram’s father, Mansukhbhai Kothari was a successful businessman and known for starting the popular gutkha brand Pan Parag in 1973.

Vikram and his brother Deepak began their careers by assisting father Mansukhbhai in managing the expanding pan masala business. However, following a split in the family business in 1999, the two brothers went on different paths in their lives. While Deepak took charge of the pan masala business, elder brother Vikram helmed the stationary empire.

Vikram later diversified in his empire and entered new segments like food processing, steel, construction, and real estate. However, his success story faced the heat of investigative agencies after he was accused in a multi-core bank loan default case in 2018.

The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) registered separate cases against Vikram for allegedly swindling Rs 3,695 crore from seven nationalized banks from 2008 onwards. The loans worth Rs 2,919 crore were taken by Rootmac Global but were never returned and the amount swelled to Rs 3695 crore.

The loan sanctioned to the company was allegedly used for purposes other than the execution of the claimed export orders. Vikram was arrested on February 23, 2018, and had to spend over a year in jail before getting bail on health grounds.

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