Indian banks are having their worst run in decades as one by one big time defaulters are getting exposed in the media. This time around, following the footsteps of Nirav Modi, Rotomac Pen’s promoter Vikram Kothari has allegedly gone abroad after swindling Rs 800 crore from various public sector banks.

He took the loan from over five state-owned banks including Allahabad Bank, Bank of India and Union Bank of India. Potomac was declared a wilful defaulter by an order passed by an authorized committee on February 27 last year. Although Vikram Kothari has rubbished all such claims, yet there are speculations in various quarters regarding the extent of this fraud.

There is no denying the fact that the activities of the wilful defaulters are now as clear as daylight. The central government under PM Narendra Modi is also under tremendous pressure to bring back culprits like Vijay Mallya, Nirav Modi.

Although the division bench comprising Chief Justice DB Bhosle and Justice Yashwant Verma passed an order on the wrongful declaration of willful defaulter by Bank of Baroda on Rotomac Pens, yet there are other pending cases with regard to loan defaulters of the same company in other public sector banks.

Thus Kanpur based company’s owner Vikram Kothari is facing a crisis right now. Even if he is not in India right now, it remains to be seen whether he can be penalized under existing laws for the fraud.