Rotomac Pens owner Vikram Kothari rebuffed the reports of not repaying bank loan worth Rs. 837 crore.
Kothari on February 16 said that he has not done anything wrong and would not run away from the country.
"Yes I took a loan from the bank, but it's wrong to say I am not paying it back. I live in Kanpur and will continue to live here, I am not running away anywhere, no country better than India," Kothari said.
Earlier in the day, the Central Bureau of Investigation filed a case against Kothari and others.
Furthermore, raids are presently underway at his residence in Kanpur.
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.
Rajesh Gupta, a Recovery Agent of Allahabad Bank, told ANI that the loan amount was being recovered from the attached properties of Kothari.
Since last week, Kothari's office in Kanpur's City Center road has been locked, and he has been untraceable ever since.