The CBI also questioned Kothari, his wife and son on Monday on defaulting loans.
After the CBI registered a case against Rotomac, Kothari and his close family, the Income Tax Department has also swung into action attaching 11 bank accounts in connection with an alleged tax evasion probe against them.
According to the complaint filed by Bank of Baroda, which is part of the CBI FIR, the buyers that the Rotomac involved overseas ran "virtual offices" in Hong Kong, Sharjah and Dubai. The raids were conducted on Monday as well.
The agency searched three locations in Kanpur, including Kothari's residence and office premises.
Kothari's lawyer Sharad Birla has said that the Rotomac owner has done no wrong or fraud and that the case was merely of a bank loan repayment.
When asked about the loan amount, Gupta said, "The loan is of Rs. 352 crore, which will be recovered through attached properties".
There have been no arrests in the case yet, CBI spokesperson Abhishek Dayal categorically said.
Activist refers MP to police over gun post
Crossbench senator Derryn Hinch also criticised Mr Christensen and said the comments directed at Senator Hanson-Young were "obscene".
The CBI action comes within days Punjab National Bank unearthing a Rs 11,400 crore-fraud involving billionaire jeweller Nirav Modi and his uncle, Mehul Choksi.
The Bank of Baroda had alleged that the conspirators had cheated a consortium of banks to the tune of Rs 3,695 crore, including the interest component. However, Kothari denied reports that he has left the country.
The value of government's holdings in PSU banks has fallen 10% to Rs 2.6 lakh crore from 2.9 lakh crore.
In February previous year, Bank of Baroda declared Kothari as a willful defaulter. The development comes less than a week after Punjab National Bank (PNB) had detected a Dollars 1.77 billion - about Rs 11,400 crore - scam wherein Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.
According to news agencies, the loan exposure of the banks is as follows - Bank of India: ₹754.77 crore; Bank of Baroda: ₹456.63 crore; Indian Overseas Bank: ₹771.07 crore; Union Bank of India: ₹458.95 crore; Allahabad Bank: ₹330.68 crore; Bank of Maharashtra: ₹49.82 crore; Oriental Bank of Commerce: ₹97.47 crore.
Update: Kothari, Sadhana and Rahul have been accused of misusing credit sanctions meant for export orders for other unrelated transactions, besides violating of India's forex management rules, the first information report (FIR) filed by the bank showed.