The Central Bureau of Investigation on Wednesday quizzed Rotomac Global promoter Vikram Kothari and his son Rahul at its headquarters in connection with the alleged Rs. 3,695-crore wilful default of loans from a consortium of seven banks.
The duo has been accused of cheating a consortium of seven nationalised banks.
The CBI had earlier issued a Look Out Circular against the Kotharis in order to prevent them from fleeing the country.
The case was based on a complaint from Bank of Baroda, one of the banks from which the company took a loan.
The probe is reportedly revolving around the details of loan conditions, including the details of properties against which the banks gave him such big loans. ED also informed all the exit ways of the country to not let Kothari or any of his family members go out of the country.
Sources said Kothari constantly maintained that he had not committed fraud and would have returned theRotomac loan in due course. Mansukhbhai Kothari was amongst the first ones to sell paan masala in pouches and his brand -Pan Paraag- became a raging success.
The inquiry reveals Vikram Kothari used different methods to seek loan from these banks. My father subsequently ventured into pan masala manufacturing and then I launched Rotomac pen brand and bottled water brand "Yes". However, in 1999, the two brothers chose to go separate ways.
Read | Who is Vikram Kothari? Bollywood hearthrobs Salman Khan and Raveena Tandon were then its brand ambassadors.
It said the examination of the accused was "mainly focussed on the modus operandi to commit the fraud with the bank and subsequent siphoning off the fraud amount parking of crime proceeds and its recovery".
The application states that during the course of the investigation, it has been revealed that Rotomac Global were routing transactions through Pacific Global and M/s Bunge for which discount of 1.865 percent was deducted by the overseas importer without having business transactions as it was done as mercantile trade.