Enforcement Directorate is probing money laundering allegations against Kotharis. Income Tax Department has attached four immovable properties of Kothari.
On Thursday, Central Bureau of Investigation has arrested Rotomac Promoter Vikram Kothari and his son Rahul Kothari in connection with a Rs 3,695-crore Loan Default case.
CBI Spokesperson has stated that,“Both the accused were not cooperating with the investigators and were evasive in their replies during questioning which necessitated their custodial interrogation”.
Arrests have come after Kotharis were questioned for fourth consecutive day on Thursday following the searches at their residences and office premises in Kanpur.
CBI had registered an FIR in the case on basis of a complaint received from Bank of Baroda, which was part of consortium, that alleged the misappropriation of funds and violation of FEMA guidelines.
Banks had claimed that their total outstanding dues taking into consideration the interest amount stood at Rs 3,695 crore.
Agency has named Rotomac Global Private Ltd, its directors Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari, and unknown bank officials as the Accused in the case.
Bank of Baroda had stated that in its complaint that offices of Rotomac’s overseas suppliers and buyers in Hong Kong, Dubai and Sharjah were either closed or operating virtually. This prompted State-owned bank to complain to CBI that the company’s promoters were carrying out fake mercantile trade.