February 19, 2018 / 10:24 AM / 9 months ago

CBI registers case in Bank of Baroda loan scam

FILE PHOTO: The Bank of Baroda headquarters is pictured in Mumbai, India, April 27, 2016. REUTERS/Danish Siddiqui/File Photo

NEW DELHI (Reuters) - 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.

($1 = 64.2400 Indian rupees)

Reporting by Aditya Kalra; Writing by Krishna N. Das; Editing by Sanjeev Miglani

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