Daijiworld Media Network - New Delhi
New Delhi, Nov 14: The Central Bureau of Investigation (CBI) has arrested Singapore-based businessman Rajesh Bothra in connection with a Rs 31.60 crore bank fraud case linked to Punjab National Bank (PNB), the agency announced on Friday.
Bothra was taken into custody on Thursday after the CBI received credible intelligence regarding his arrival in India. Investigators traced him to Hotel Andaz and Hyatt Residences in Aerocity, New Delhi.
The case, registered last year under RC0062024A0032 following a complaint by PNB, involves alleged fraudulent activities by M/s Frost Infrastructure and Energy Pvt. Ltd. (FIEL), its directors, several unidentified individuals, and unnamed public servants. The company had reportedly availed a Foreign Letter of Credit (FLC) limit from the bank using forged documentation.
According to the CBI, Bothra played a pivotal role in orchestrating the fraud by generating and supplying fake Bills of Lading, which falsely claimed sale–purchase transactions between FIEL and two foreign entities—M/s FAREAST and M/s Gulf Distribution Ltd. Investigation revealed that these two companies were, in fact, controlled and operated by Bothra, with no real business or movement of goods taking place, as claimed in the forged documents.
The bogus Bills of Lading were allegedly submitted to the bank to secure LC proceeds, enabling FIEL to siphon off funds amounting to nearly Rs 32 crore from PNB, formerly known as Oriental Bank of Commerce.
The CBI further noted that Bothra is already an accused in several other cases investigated by the CBI and the Anti-Corruption Bureau (ACB), Lucknow, in which charges have been filed against him and other individuals. "The accused Rajesh Bothra never joined the investigation in the aforesaid cases nor did he appear during trial. He is wanted in multiple other bank fraud and economic offence cases," the agency stated.
Officials said Bothra’s arrest is crucial to ensure his presence before the courts and to prevent any attempts to evade legal proceedings. He is scheduled to be produced before the trial court concerned on Friday.
This development marks a significant step in the ongoing investigations into high-value financial frauds involving PNB, highlighting the CBI’s intensified efforts to bring fugitives and key conspirators to justice.