CBI court turns down Rotomac owner Vikram Kothari's interim bail plea in connection with alleged Rs 3,695-crore bank loan default case

A CBI court turned down an interim bail plea of Rotomac Global chairman Vikram Kothari in connection with an alleged Rs 3,695-crore bank loan default case and set March 14 for hearing his regular bail plea.

Judge M P Chaudhary remanded him in judicial custody. The CBI produced Kothari, along with his son Rahul, in the court after his police remand ended on Wednesday. They were sent to police remand on February 24.

Vikram Kothari had moved the interim plea for bail on the ground of his old age and ailment. The CBI opposed the plea and said that he was hale and hearty.  The court considered the facts and found that he was not entitled for interim bail on the said grounds.

The CBI arrested Vikram Kothari on February 23. A consortium of seven nationalized banks has given bank loans worth Rs 2,919 crore to Rotomac Global Pvt Limited from 2008 onwards, the CBI's FIR has alleged. The amount swelled to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment, the agency said.