CBI Arrests Singapore-Based Fugitive in Rs 31.60 Crore Bank Fraud Scheme

The Central Bureau of Investigation (CBI) has apprehended Rajesh Bothra, a Singapore resident, on November 13 in connection with a significant bank fraud case amounting to Rs 31.60 crore. The arrest occurred after authorities received intelligence about his arrival in India and subsequently located him at Hotel Andaz and Hyatt Residences in Aero City, New Delhi.

According to official statements, the CBI initiated this investigation following a complaint from PNB against M/s Frost Infrastructure and Energy Pvt Ltd (M/s FIEL), its Directors, and other unidentified individuals for defrauding the bank of Rs 31.60 crore through fraudulent FLC limit utilization.

Investigations have revealed that Bothra played a crucial role in the conspiracy alongside M/s FIEL and its Directors by providing fabricated Bills of Lading that falsely depicted sale-purchase transactions between M/s FIEL and companies named M/s FAREAST and M/s Gulf Distribution Ltd.

These counterfeit documents were submitted by M/s FIEL to the bank, enabling the company to misappropriate LC proceeds and causing financial damage of approximately Rs 32 crore to PNB (e-OBC).

Further investigation has established that M/s FAREAST and M/s Gulf Distribution Ltd were actually controlled and operated by Rajesh Bothra himself, with no genuine business transactions or movement of goods taking place despite claims in the forged documentation.

Bothra is also implicated as an accused in several other CBI cases being handled by ACB, Lucknow, where he has been chargesheeted alongside other individuals. He has consistently evaded investigation in these cases and failed to appear during trial proceedings. Currently, he is wanted in multiple bank fraud and economic offense cases across jurisdictions.

The arrest will ensure Bothra's proper examination in the ongoing investigation and guarantee his presence before the Trial Courts for facing charges in the already processed cases, preventing him from evading legal proceedings by fleeing India.

The accused will be presented before the respective trial court today for further legal proceedings.