CBI Arrests Singapore-Based Tycoon in Rs 31.6-Crore Punjab National Bank Scam
CBI nabs Singapore-based businessman in Rs 31.6-crore PNB fraud.
The Central Bureau of Investigation (CBI) on Thursday arrested Singapore-based businessman Rajesh Bothra in connection with a Rs 31.6-crore bank fraud involving Punjab National Bank (PNB). Acting on specific intelligence about his arrival in India, officials traced Bothra to Hotel Andaz and Hyatt Residences in New Delhi’s Aerocity area, ending a long manhunt for the absconding accused.
According to a CBI statement, the case was registered based on a complaint from PNB alleging that the company M/s Frost Infrastructure and Energy Pvt Ltd (FIEL) and its directors, along with unknown public servants, had cheated the bank to the tune of Rs 31.6 crore. Investigators found that Bothra played a key role in the conspiracy by helping FIEL fabricate bogus Bills of Lading—documents falsely showing sale and purchase transactions between FIEL and two foreign entities, M/s FAREAST and M/s Gulf Distribution Ltd.
“The forged bills were used to fraudulently secure Letters of Credit (LC) from the bank, allowing the accused company to siphon off funds. No physical movement of goods ever took place in these transactions,” the CBI said. Investigations revealed that both FAREAST and Gulf Distribution Ltd. were shell companies under Bothra’s control, created solely to facilitate the fake trade documents and launder money.
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The agency added that Bothra’s arrest is significant as he is also accused in several other economic offence cases being investigated by CBI’s Anti-Corruption Branch in Lucknow. He had earlier been charge-sheeted along with other accused but consistently avoided appearing for interrogation or trial by remaining abroad. “His arrest will ensure his custodial examination and prevent him from evading the process of law,” the CBI said in the official release.
Rajesh Bothra is expected to be produced before a Delhi court today. The agency is likely to seek his custody to interrogate him further about the wider network of accomplices and financial transactions linked to the fraudulent Letters of Credit issued by the bank.
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