New Delhi: Vikram Kothari, the promoter of Rotomac Pens accused of swindling five public sector banks out of over Rs 800 crore, has allegedly gone abroad, sources said.

The Kanpur-based company's owner had taken loans from Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India, the sources said. The sources alleged that bank rules were compromised to grant the loans.

In February last year, Bank of Baroda had declared Rotomac Global Pvt Ltd a "wilful defaulter".

According to local media reports, Kothari said the speculation about his fleeing the country was baseless.

"I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foreign countries for business purposes," Kothari was quoted as saying.

Kothari had taken a loan of Rs 485 crore from the Mumbai-based Union Bank of India and another Rs 352 crore from the Calcutta-based Allahabad Bank. He has allegedly not paid back either the principal or the interest.

Rotomac was declared a wilful defaulter vide an order dated February 27, 2017, passed by an authorised committee, according to procedure laid down by the Reserve Bank.

The company then moved Allahabad High Court, seeking the removal of its name from the list of wilful defaulters.

Rotomac contended that it had been wrongly declared a wilful defaulter by Bank of Baroda despite having "offered assets worth more than Rs 300 crore to the bank since the date of default".

News of Kothari leaving the country comes less than a week after Punjab National Bank reported a Rs 11,400-crore scam involving billionaire diamantaire Nirav Modi and his uncle Mehul Choksi, who have both gone abroad. PTI