The CBI on Thursday conducted searches at the homes of two former directors of Reliance Telecom and the company office after registering an FIR against them in connection with an alleged fraud of ₹114.98 crore in the State Bank of India.
"The CBI has registered a case against M/s. Reliance Telecom Ltd., Sh. Satish Seth (then director), Gautam B. Doshi (then director), unknown public servants and unknown others for offences of conspiracy, cheating under the IPC and criminal misconduct and abuse of official position under the Prevention of Corruption Act, 1988," a CBI spokesperson said in a statement here.
The case has been registered based on a complaint received from SBI on the allegations of defrauding the bank and causing a wrongful loss to SBI to the tune of ₹114.98 crore.
"SBI was a member of the consortium of 11 banks which had sanctioned a total of ₹735 crore term loan facility to M/s. Reliance Telecom Ltd," the spokesperson said.
The latest case is part of the ongoing probe by the agency into the alleged financial irregularities involving companies linked to the Reliance Group.
In December last year, the CBI had registered a criminal case against RHFL — a company of the Reliance ADA Group — its promoters and directors and unknown bank officials based on a complaint filed by Union Bank of India. The bank alleged that the accused had entered into a criminal conspiracy, committed cheating and criminal misconduct, causing a wrongful loss of ₹228.06 crore to Union Bank of India.
The bank had declared RHFL's account as a non-performing asset (NPA) on September 30, 2019, and subsequently as a fraud on October 10, 2024.