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New Delhi, Nov 14 (IANS) The Central Bureau of Investigation (CBI) has arrested Singapore-based businessman Rajesh Bothra for his alleged involvement in a Rs 31.60 crore bank fraud case involving Punjab National Bank (PNB). The investigating agency gave this information on Friday.
Bothra was taken into custody on Thursday after the agency received specific information about his arrival in India and was later traced to Hotel Andaz and Hyatt Residence in Aerocity, New Delhi.
The case (RC0062024A0032), registered last year on the basis of a complaint filed by PNB, pertains to alleged fraudulent activities by M/s Frost Infrastructure and Energy Pvt. Ltd. Ltd. (FIEL), its directors, unidentified persons and unnamed public servants.
The company had allegedly availed the Foreign Letter of Credit (FLC) limit from the bank through forged documents.
According to the investigators, Bothra played a key role in perpetrating the fraud by preparing and supplying fake bills of lading, which misrepresented the sale-purchase transactions between FIEL and two foreign entities – M/s FAREAST and M/s Gulf Distribution Limited.
“Investigation has revealed that M/s Forest and M/s Gulf Distribution Limited were actually controlled and operated by Rajesh Bothra and no genuine trade or movement of goods took place as was falsely shown in the forged bills,” the CBI said on Friday.
These forged bills were allegedly deposited in the bank to secure the LC proceeds, which helped FIEL to withdraw funds amounting to about Rs 32 crore from PNB (formerly Oriental Bank of Commerce).
CBI further said that the name of the accused is also included as an accused in some other cases of CBI, ACB, Lucknow, in which he has been chargesheeted along with other accused persons.
“Accused Rajesh Bothra never joined the investigation in the above mentioned cases nor did he appear during the trial. The accused is wanted in several other bank fraud/economic offenses cases,” it said.
Officials said his arrest is important to ensure his presence before the courts and prevent him from avoiding the legal process again. Bothra will be produced in the concerned trial court on Friday itself.
–IANS
SAS/VD