The banks of Indian government seems to have ‘too much of cash’ to keep it safe as it seems to distribute amongst ‘the needy in form of loans’. Quite a few days after the revelation of the PNB fraud of Rs 11400 crore by Nirav Modi, another scam of amount Rs 800 crore has come up by the parent company of Rotomac pens, headed by Vikram Kothari.
Reportedly, Vikram Kothari had taken loans from 5 different banks around the nation and after being unsuccessful in repaying those loans, the company owner has fled away. The banks which have sanctioned the loans are the Bank of Baroda, Bank of India, Indian Overseas Bank, Allahabad Bank, and Union Bank of India.
Kanpur based company owner had reportedly taken a loan of 485 crores from Union Bank Of India and Rs 352 crores from Allahabad Bank a year ago and now, has failed to pay back the debt. Kothari’s office is locked since a week and he is untraceable while the bank authorities are hoping to recover the amount by selling off the properties of the Vikram Kothari.
The floating heads of Indian banking systems are turning too irresponsible as a total blunder of Rs 12,200 crores is not so small to be neglected. It’s time for the government to fasten their belts and dig up in some serious authenticated documenting systems to avoid such scams in the further economic boundaries.