₹114.98 crore SBI fraud case: CBI books Reliance Telecom, conducts searches

The Central Bureau of Investigation (CBI) has registered a case against Reliance Telecom Ltd., its former directors, and others in connection with an alleged bank fraud of ₹114.98 crore, and conducted searches at multiple locations in Mumbai.

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The agency said the case names Reliance Telecom Ltd., Satish Seth, then Director, Gautam B Doshi, then Director, along with unknown public servants and others. The charges include criminal conspiracy, cheating under the Indian Penal Code, and criminal misconduct and abuse of official position under the Prevention of Corruption Act, 1988.

The case was registered following a complaint from the State Bank of India (SBI), which alleged that the company defrauded the bank and caused a wrongful loss of ₹114.98 crore.

SBI was part of a consortium of 11 banks that had sanctioned a total term loan facility of ₹735 crore to Reliance Telecom Ltd.

After registering the case, the CBI conducted searches in Mumbai at the residences of Satish Seth and Gautam B Doshi, as well as at the registered office of the company.

The agency said various documents related to the loan transactions have been recovered during the searches.

The investigation is ongoing.