CBI Registers SBI Fraud Case Against Reliance Telecom Ex-Directors The Central Bureau of Investigation (CBI) has registered a case against two former directors of Reliance Telecom, Satish Seth and Gautam B. Doshi, along with other unnamed individuals, in connection with an alleged fraud involving the State Bank of India (SBI). The agency conducted searches at the residences of the former directors and the company’s office following the filing of a First Information Report (FIR). The case centers on accusations of defrauding SBI of ₹114.98 crore through a scheme involving consortium lending. According to a CBI spokesperson, the FIR alleges offenses such as conspiracy, cheating, and criminal misconduct under the Indian Penal Code (IPC) and abuse of official position under the Prevention of Corruption Act, 1988. The investigation was initiated based on a complaint from SBI, which claims the accused caused a wrongful loss to the bank. The bank was part of a consortium of 11 financial institutions that sanctioned a total term loan of ₹735 crore to Reliance Telecom Ltd. This case is part of the CBI’s broader probe into financial irregularities linked to companies within the Reliance Group. Earlier this year, the agency had already registered a criminal case against RHFL, a subsidiary of the Reliance ADA Group, along with its promoters and directors, over allegations of a separate fraud involving Union Bank of India. The Union Bank had reported a loss of ₹228.06 crore and classified RHFL’s account as a non-performing asset (NPA) in 2019, later reclassifying it as a fraud in 2024. The CBI’s actions highlight ongoing scrutiny of financial practices within the Reliance Group, which has faced multiple allegations of mismanagement and fraudulent activities across various banking institutions.#cbi #sbi #reliance_telecom #satish_seth #gautam_b_doshi
