While India is still reeling under the shock of 11,360 Crores scam in one of the branches of Punjab National Bank, a similar but less amount (800 Crore) fraud is uncovering lately. Going into the news, The parent company of Rotomac Pens has been accused of fleeing with loans of more than Rs 800 crore from various government banks in the country.
The Union Bank of India and Allahabad Bank has reportedly sanctioned, the owner of the company, Vikram a loan of 485 crores and 352 Crore loans respectively in the past. But, the borrower neither paid interest not the principal amount in last one year. When the bank officials attempted to contact or reach Vikram, he is unreachable and his office in Kanpur remains closed from last one week. This is major concern for both the banks which are already suffering with high number of NPAs (Non-performing assets).
Amid the ripples across bank frauds in nation, the senior manager of Allahabad Bank said that recovery in Vikram Kothari’s case can be made by selling his properties.
On other hand, the sensational PNB fraud involving Nirav Modi and promoters of Gitanjali Gems is being investigated by Enforcement Directorate (ED). Already, the bank has suspended the suspected officials in this case and ED has taken them into custody as part of interrogation.
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