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
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
