CBI Nabs Key Accused in Rs 32-Crore PNB Bank Fraud Case

The CBI arrested Rajesh Bothra at a Delhi hotel for a Rs 32-crore bank fraud involving forged transactions between FIEL and companies he controlled. The scam caused significant losses to Punjab National Bank by exploiting Foreign Letter of Credit limits.

The Central Bureau of Investigation (CBI) has apprehended Rajesh Bothra, a Singapore-based individual, in connection with a multi-crore bank fraud case. Arrested from a hotel near Delhi's Indira Gandhi International Airport, Bothra is a pivotal figure in a Rs 32-crore fraud targeting Punjab National Bank (PNB).

The fraudulent operation reportedly used forged bills to present fake trade between Frost Infrastructure and Energy Pvt Ltd (FIEL) and two companies owned by Bothra, namely FAREAST and Gulf Distribution Ltd. Allegations suggest these bogus transactions allowed FIEL to siphon off Letter of Credit proceeds, causing a substantial financial blow to PNB.

The CBI emphasizes Bothra's involvement and control over these sham companies, further revealing his role in similar fraud and economic offense cases. With ongoing investigations, the agency sees Bothra's arrest as crucial for court trials and to ensure he doesn't evade justice.

(With inputs from agencies.)