Bank fraud: CBI files case against 2 ex-directors of Reliance Telecom The Central Bureau of Investigation (CBI) has registered a case against former Reliance Telecom directors Satish Seth and Gautam Doshi, along with several public servants, over allegations of bank fraud involving Rs 115 crore. The probe was initiated on a complaint filed by the State Bank of India (SBI), which accused the accused of fraudulent activities. During the investigation, CBI conducted searches at the residences of Seth and Doshi in Mumbai and recovered various documents related to the loan transactions. The FIR has been filed under sections of the Indian Penal Code (IPC) dealing with conspiracy, cheating, and criminal misconduct, as well as provisions of the Prevention of Corruption Act. Reliance Telecom has also been named as an accused in the case. According to the CBI, SBI was the lead banker and a member of a consortium of 11 banks that had sanctioned a total of Rs 735 crore in term loan facilities to Reliance Telecom Ltd. SBI was the first bank to classify Reliance Telecom's accounts as fraudulent and subsequently filed a formal complaint with the CBI. This led to the registration of the FIR. A 12-member CBI team visited the SBI office in Mumbai on Wednesday as part of the investigation. The case highlights the complexities of financial misconduct in corporate and banking sectors, with multiple entities implicated in the alleged fraud. The probe underscores the role of regulatory bodies in addressing financial crimes and the importance of cross-institutional cooperation in such cases. The CBI's actions reflect its commitment to investigating allegations of corruption and misuse of official positions, even when they involve high-profile corporate entities.#central_bureau_of_investigation #state_bank_of_india #satish_seth #gautam_doshi #reliance_telecom
