Pen maker Rotomac Global, bank officials accused of $454 mn loan fraud

The Central Bureau of Investigation (CBI) 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 CBI said.

The complaint by Bank Of Baroda comes amid a $1.77 billion fraud at another state lender, Punjab National Bank.