The Central Bureau of Investigation (CBI) has filed a 17,000-page supplementary chargesheet against Rajesh Bothra in the alleged ₹3,695 crore Rotomac bank fraud case, accusing the conspirators of securing credit facilities from Allahabad Bank by fabricating merchanting trade transactions, creating dubious sundry debtors, forging financial records and preparing fake bills of lading even after the actual movement of vessels.
The voluminous chargesheet comes years after the agency registered the FIR and after the Allahabad High Court granted bail to Bothra in April 2026, observing that he had not been arrested during the investigation and that there was no material to show he had misused his liberty.
According to the prosecution, the case stems from a complaint dated 19 February 2020 filed by Amarjeet Singh Heera, Deputy General Manager of Allahabad Bank, alleging that M/s Rotomac Exim Pvt. Ltd. and its promoters fraudulently availed credit facilities by creating sham merchanting trade transactions and submitting forged trade documents to the bank.
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FIR Alleged Fake Bills of Lading and Fabricated Trade Records
Based on the complaint, the CBI registered an FIR on 25 February 2020 alleging offences under Sections 120-B, 420, 468, 471 and 477-A of the IPC along with provisions of the Prevention of Corruption Act.
The agency alleged that Rotomac Exim and its promoters projected non-existent merchanting trade transactions by relying on fabricated sundry debtor records, forged financial documents and false bills of lading. According to the FIR, these documents were allegedly used to induce Allahabad Bank to sanction and release substantial credit facilities and letters of credit.
Investigators further alleged that the accused deliberately defaulted on repayment obligations after allegedly diverting and siphoning off bank funds, thereby causing wrongful loss to the bank while securing wrongful gains for themselves.
CBI’s Case Against Rajesh Bothra
During the investigation, the CBI alleged that Rajesh Bothra, through his Hong Kong-based company M/s Gulf Distribution Ltd., played a role in transactions connected with the credit facilities extended to Rotomac Exim.
According to the prosecution, tripartite agreements executed in 2013 had expired by March 2014, yet payments continued to be routed through Gulf Distribution Ltd. in 2016. The agency alleged that these transactions were structured to satisfy banking conditions for issuance of foreign letters of credit.
The CBI further alleged that Bill of Lading No. HKAELM60909726/1B, purportedly issued on 25 August 2016, was forged because the computer products mentioned therein were never actually shipped. The investigation also questioned invoices and subsequent transactions involving M/s RBA Venture Ltd., alleging that they represented paper transactions designed to accommodate advance payments made by Gulf Distribution Ltd. to Rotomac Exim. According to the agency, these transactions formed part of a broader conspiracy to create an appearance of genuine international trade while facilitating the alleged fraud.
Investigation Conducted During COVID-19 Pandemic
The bail proceedings record that the investigation was conducted during the COVID-19 pandemic, when international travel restrictions were in force. The applicant contended that he had fully cooperated with the investigation and could not be examined because of travel restrictions, a fact that was also noted in the charge sheet filed in December 2020.
Rajesh Bothra Arrested, Later Granted Bail by Allahabad High Court
Although the original charge sheet had been filed in December 2020, Rajesh Bothra was arrested on 2 December 2025. He subsequently approached the Allahabad High Court seeking regular bail.
By an order dated 7 April 2026, Justice Rajeev Singh of the Allahabad High Court allowed the bail application. The Court noted that the investigation had already been completed and the charge sheet had been filed years earlier. It also observed that the applicant had not been arrested during the investigation and there was no evidence that he had misused his liberty.
Relying on the principles laid down by the Supreme Court in Satender Kumar Antil v. CBI, the High Court observed that, ordinarily, an accused should not be sent to judicial custody after completion of investigation if he was not arrested during the investigation. The Court further noted that the trial was unlikely to conclude in the near future and directed his release on bail subject to stringent conditions, including surrender of passport, prohibition on leaving the country, regular appearance before the trial court and non-interference with evidence.
Latest Development: 17,000-Page Chargesheet Filed
The filing of the 17,000-page chargesheet now represents the latest milestone in the long-running investigation into the alleged ₹3,695 crore bank fraud involving the Rotomac Group. The extensive chargesheet is understood to compile documentary evidence, financial records, trade documents and statements collected during the investigation concerning the alleged conspiracy and fraudulent banking transactions.
The filing of the chargesheet does not amount to a finding of guilt. The allegations made by the CBI will now be examined during the course of criminal proceedings before the competent court, where the prosecution will be required to establish its case in accordance with law, while the accused will have the opportunity to contest the allegations.
