₹3.7K crore scam accused Rotomac Group chairman Vikram Kothari passes away at 73

Industrialist Vikram Kothari, who was accused of a Rs 3,700 crore bank loan scam, breathed his last on Tuesday after suffering from prolonged illness. He was 73 years old. 

The Rotomac Group owner was out on bail due to his deteriorating health conditions after being imprisoned for two years. His son Rahul Kothari, arrested in the same case, is still serving his jail sentence. 

The fall of India's 'Pen King' 

Vikram Kothari was popular in the business world in the 1990s by the name of 'Pen King.' His Rotomac pens were once sold in 38 countries of the world. His brand had reportedly shown the way to several major international pen companies operating in India.

The maker of Rotomac pens was, however, accused of cheating a consortium of seven banks of Rs 3,700 crore. He came to the limelight after the Central Bureau of Investigation (CBI) raided his property in 2018 and later arrested him. The case was registered by the CBI, based on a complaint filed by the Bank of Baroda. Apart from the CBI, the Enforcement Directorate was also investigating his case.

During a grilling by CBI sleuths in 2018, Vikram had given a tough time to the interrogators, asking them to chase fugitive diamantaires Nirav Modi and Mehul Choksi and bring them back instead of focusing on him as he still was in the country. Kothari also asked the CBI officials to leave him alone so that he could earn money to repay the bad debts.

Further, in response to the questions by the agency, the businessman told them stories about his rise from a pen manufacturer to his emergence as a business tycoon in Kanpur.

The controversial businessman was out on bail for the last six months due to his illness.