The Central Bureau of Investigation (CBI) today arrested Rotomac Pens owner Vikram Kothari and his son Rahul in connection with the Rs 3,695 crore loan default case.
The arrest of the Kanpur-based industrialists came after four consecutive days of questioning by the CBI. Their residence and office premises in Kanpur were also searched.
The Income Tax Department has also attached four immovable properties of Kothari, three in Kanpur and one in Ahmedabad, Gujarat.
A consortium of seven banks had extended multi-crore credits to the Kanpur-based firm and its related companies from 2008 onwards.
Kothari is the Chairman and Managing Director of Rotomac, while his wife and son are directors of the company.