February 19, 2018 / 10:17 AM / a year ago

Indian police register case in Bank of Baroda loan scam

NEW DELHI, Feb 19 (Reuters) - India’s federal police said on Monday it has registered a case against pen maker Rotomac Global and officials of various banks in connection with an alleged 29.19 billion rupees ($454.39 million) loan scam.

“It was alleged in the complaint that in the Rotomac case, conspirators cheated a consortium of 7 banks by siphoning off bank loans to the tune of 29.19 billion rupees (principal amount),” an official with the Central Bureau of Investigation said.

The complaint by Bank Of Baroda comes amid a $1.77 billion fraud at another state lender, Punjab National Bank . ($1 = 64.2400 Indian rupees) (Reporting by Aditya Kalra; Writing by Krishna N. Das; Editing by Sanjeev Miglani)

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