CBI Arrests Singapore Man in Rs 32 Crore Bank Fraud

The CBI has arrested Rajesh Bothra, a Singapore-based individual, in connection with a Rs 32-crore bank fraud. Bothra allegedly conspired with Frost Infrastructure and Energy Pvt Ltd to swindle funds from Punjab National Bank through bogus bills of lading, causing a substantial financial loss.

The Central Bureau of Investigation (CBI) has apprehended a Singapore-based individual at a hotel near Delhi's Indira Gandhi International Airport in connection with a Rs 32-crore bank fraud, according to officials.

Identified as Rajesh Bothra, the man was apprehended after a tip-off led the agency to his arrival in Delhi. The fraud stems from a complaint by Punjab National Bank, which accused Frost Infrastructure and Energy Pvt Ltd (FIEL) of swindling Rs 31.60 crore through fake trade transactions.

Bothra allegedly facilitated the fraud by providing bogus bills for false trade between FIEL and his companies, FAREAST and Gulf Distribution Ltd. No actual goods were moved, and the bills were used to siphon LC proceeds, causing significant financial loss to the bank, according to a CBI spokesperson.

(With inputs from agencies.)