February 22, 2018 / 4:43 PM / 6 months ago

Indian police arrest owner of pen maker Rotomac in bank probe

NEW DELHI (Reuters) - India’s federal police investigating wrongdoing in the banking sector arrested the owner of pen maker Rotomac Global and his son on Thursday, a spokesman said.

The Central Bureau of Investigation (CBI) arrested the men, both directors of Rotomac Global Pvt Ltd, in an ongoing investigation into allegations they had cheated a consortium of banks, the spokesman of the agency said.

On Monday, the federal police registered the case against them and officials at various banks in connection with an alleged 29 billion rupees ($450 million) loan, after a complaint from state run Bank of Baroda.

The arrests come as police and government agencies are investigating a $1.8 billion loan fraud at Punjab National Bank, the biggest fraud in India’s banking history.

Reporting by Manoj Kumar and Aditya Kalra; Editing by Robin Pomeroy

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