New Delhi, Mar 26: The Central Bureau of Investigation (CBI) carried out searches at the offices of Reliance Telecom Ltd. and the residences of two former directors in connection with an alleged ₹114.98 crore fraud at the State Bank of India (SBI), officials said on Thursday.
The agency registered a case against the company, former directors Satish Seth and Gautam B. Doshi, along with certain unknown public servants and other unidentified individuals. The charges include conspiracy, cheating under the Indian Penal Code, and criminal misconduct under the Prevention of Corruption Act, 1988.
According to the CBI, the investigation follows a complaint from SBI regarding wrongful losses incurred in a term loan. The bank was part of a consortium of 11 lenders that had sanctioned a total of ₹735 crore to Reliance Telecom Ltd.
The raids, conducted in Mumbai, led to the recovery of various documents related to the loan transactions, which are expected to aid the ongoing probe. Officials said the searches are aimed at uncovering evidence of financial irregularities, misrepresentation, and abuse of official position.
The case underscores the agency’s intensified scrutiny of corporate lending practices and alleged irregularities in large scale financial transactions.