CBI Files FIR in Rs 115 Crore Bank Fraud Case Involving Reliance Telecom
The Central Bureau of Investigation (CBI) has registered a formal case against former directors of Reliance Telecom, Satish Seth and Gautam Doshi, as well as several public servants. This action follows a complaint lodged by the State Bank of India (SBI), which alleges a significant bank fraud amounting to Rs 115 crore.
Searches Conducted and Documents Recovered
In connection with the case, the CBI executed searches at the residences of the accused in Mumbai. During these operations, the agency recovered various documents that are directly linked to the loan transactions under scrutiny. The FIR has been filed under multiple legal provisions, including sections related to conspiracy and cheating under the Indian Penal Code (IPC), as well as criminal misconduct and abuse of official position under the Prevention of Corruption Act.
Reliance Telecom Named as Accused
Notably, Reliance Telecom itself has been named as an accused in the case. According to the CBI, the State Bank of India served as the lead banker and was a member of a consortium comprising 11 banks. This consortium had collectively sanctioned a total term loan facility of Rs 735 crore to M/s. Reliance Telecom Ltd.
SBI's Role and CBI Investigation
SBI was the first financial institution to classify the accounts of Reliance Telecom as fraudulent. Subsequently, the bank filed a formal complaint with the CBI, which led to the registration of the FIR. To further the investigation, a 12-member CBI team arrived at the SBI office in Mumbai on Wednesday, underscoring the seriousness of the allegations and the ongoing probe into the matter.
