52-year-old Indian national Nitin Vats, a former employee of Lotus Exim International Inc., pleaded guilty to a $17M bank fraud scheme in the US.

52-year-old Indian national Nitin Vats, a former employee of Lotus Exim International Inc. (LEI), has pleaded guilty to participating in a $17 million bank fraud scheme in the US. Between March 2016 and March 2018, Vats and other LEI employees conspired to secure a $17 million line of credit from a victim bank through fraudulent means, inflating accounts receivable to make it appear they had sufficient collateral. Vats now faces a maximum potential penalty of 30 years in prison and a fine of $1 million, with his sentencing scheduled for September 11.