Mumbai, March 26 (IANS) The Central Bureau of Investigation (CBI) has registered a case against Reliance Telecom Ltd., its then Directors Satish Seth and Gautam B. Doshi, along with unknown public servants and others, in connection with an alleged bank fraud case involving State Bank of India (SBI) amounting to Rs 114.98 crore.

According to officials, the agency has invoked charges of criminal conspiracy and cheating under the Indian Penal Code, along with provisions related to criminal misconduct and abuse of official position under the Prevention of Corruption Act, 1988.

The case was registered following a complaint lodged by the SBI, which alleged that the accused entities and individuals defrauded the bank, resulting in substantial financial losses. The SBI was part of a consortium of 11 banks that had collectively sanctioned a term loan facility of Rs 735 crore to Reliance Telecom Ltd.

Following the registration of the case, the CBI conducted searches at multiple locations in Mumbai, including the residential premises of Seth and Doshi, as well as the registered office of Reliance Telecom Ltd. Officials said that several documents related to loan transactions and financial dealings have been recovered during the searches.

The agency is expected to scrutinise banking records, correspondence, and internal approvals linked to the loan disbursement. Further action will be taken based on the findings of the ongoing investigation.

Officials said that searches are still underway and more evidence may be collected as the probe progresses.

The latest action comes amid a series of ongoing investigations into alleged financial irregularities involving companies linked to the Reliance Group. In a related development earlier this month, the CBI questioned Reliance Group Chairperson Anil Ambani for nearly eight hours in connection with a separate SBI complaint involving an alleged Rs 2,929 crore fraud linked to Reliance Communications (RCom).

According to officials, the case pertains to alleged misappropriation of loan funds and transactions that were in violation of lending terms. The accounts had earlier been classified as fraud by the bank, prompting investigative action, including searches at company premises and residences of key individuals.

Ambani has been asked to join the probe again, while other individuals, including corporate executives linked to associated entities, have also been examined as part of the widening investigation into multiple financial dealings under scrutiny.

–IANS

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