Indian federal investigators have arrested a Singapore-based businessman accused of playing a central role in a ₹31.60 crore bank fraud that relied on forged trade documents and shell companies. The Central Bureau of Investigation (CBI) detained Rajesh Bothra on Thursday after tracking his arrival in New Delhi and locating him at Hotel Andaz and Hyatt Residences in Aero City.
The arrest stems from a complaint filed by Punjab National Bank (e-OBC), which alleged that Frost Infrastructure and Energy Pvt. Ltd. (FIEL) and its directors orchestrated a fraudulent scheme to obtain a Foreign Letter of Credit (FLC) limit from the bank using fabricated Bills of Lading. The CBI registered the case last year, naming unknown public servants and unidentified accomplices alongside the company’s leadership.
A Trail of Forged Documents
Investigators say Bothra played an “active role” in supplying forged Bills of Lading that falsely recorded sale-purchase transactions between FIEL and two foreign entities, M/s FAREAST and M/s Gulf Distribution Ltd. The documents were allegedly used to siphon off LC proceeds, causing an estimated loss of ₹32 crore to the bank.
Subsequent inquiries revealed that the two overseas entities were not legitimate trading partners but were allegedly controlled and operated by Bothra himself. According to the CBI, no real movement of goods occurred despite documents claiming otherwise.
A Broader Pattern of Alleged Fraud
Bothra’s arrest is the latest in a series of legal troubles. He has previously been charge-sheeted in a separate corruption case investigated by the CBI’s Anti-Corruption Branch in Lucknow. Officials said he did not appear before investigators despite receiving summons and failed to turn up in court during trial proceedings.
Authorities believe he is wanted in additional bank-related and economic-offence cases and consider his arrest critical to preventing further evasion.
Court Production Scheduled
The CBI said that producing Bothra before a trial court on Friday would allow investigators to conduct his examination and secure his presence for pending judicial proceedings. The agency added that the arrest was necessary to stop him from leaving the country again.
The case is expected to develop further as investigators examine the network of forged trade documents, overseas shell companies and the alleged collaboration between FIEL directors and other accomplices.
