Rotomac Pens owner Vikram Kothari's lawyer Sharad Kumar Birla on Monday rejected reports of fraud committed by his client, adding that it was a case of loan default.
"My client had borrowed a sum of Rs. 800 crore as a loan for business purpose. The ongoing case involves no fraud; it is a case of loan default. I am yet to be given complete details of the matter at present," Birla told reporters here.
On Sunday, reports surfaced that Kothari was allegedly 'missing' from Kanpur in possession of a bank loan worth Rs. 837 crore.
Kothari had taken a loan worth Rs. 352 crore from the Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks, namely Bank of Baroda, Indian Overseas Bank, and Union Bank of India.
Earlier, the Central Bureau of Investigation (CBI) filed a case against Kothari and others and carried out raids in his residence here and three other locations.
Furthermore, Kothari, along with his wife and son was interrogated by the CBI.
Meanwhile, Kothari on February 16 had said that he would not run away from the country and had not done anything wrong.