Home / Breaking News / Another Day Another Scam: Bank Loan Fraud Of 36.95 Billion Exposed :Rotomac: The Alert India

Another Day Another Scam: Bank Loan Fraud Of 36.95 Billion Exposed :Rotomac: The Alert India

Edited by: Alert India  Desk, New Delhi [ Published on: February 20, 2018 17:30[IST ]

The bank said the account of Rotomac Global was declared a non-performing asset (NPA) or bad loan by it on October 3, 2015

State-owned of Baroda (BoB) today said it has an exposure of Rs 4.56 billion in the Rotomac Global, currently being investigated by and the in connection with an alleged loan fraud of Rs 36.95 billion.The bank, in a filing to stock exchanges, said the account of Rotomac Global was declared a non-performing asset (NPA) or bad loan by it on October 3, 2015 and it has made 100 provisioning for the loan.”The has exposure of Rs 4.56 billion on M/s under consortium arrangement with six other banks.

The account was declared NPA by the on October 3, 2015 and has been 100 per cent provided for,” the filing said.BoB was asked by stock exchanges for clarification regarding reports related to Rotomac.After the and ED, the has stepped up action against Kanpur-based Rotomac group and its promoter, attaching 11 accounts in connection with an alleged tax evasion probe against them, source said.The accounts in various branches in were attached last night.The further said that it has taken necessary “recovery measures” and filed proceedings in the in October 2016 and a decree in favour of the was granted in January 2017.It has also initiated action against Rotomac Global under SARFAESI Act, the filing said.After the enactment of Insolvency and Bankruptcy Code, the initiated corporate insolvency resolution process at NCLT Allahabad in June 2017 and the process is under way.After the company and its directors were declared wilful defaulters, the had reported the fraud to the Reserve and a complaint lodged with the CBI, ED and Directorate of Revenue Intelligence, the filing said.

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