CBI Investigates Reliance Telecom in Major Fraud Case

The Central Bureau of Investigation (CBI) has intensified its probe into an alleged fraud involving Reliance Telecom, conducting searches at the residences of two former directors and the company's office. This development comes after an FIR was filed against the company and its former executives, Satish Seth and Gautam B. Doshi, among others.

The charges include conspiracy, cheating under the Indian Penal Code, and criminal misconduct under the Prevention of Corruption Act, 1988. The investigation was triggered by a complaint from the State Bank of India, which claimed a wrongful loss of Rs 114.98 crore due to deceitful practices.

SBI, part of a larger consortium of 11 banks that had sanctioned a significant loan to Reliance Telecom, reported the fraud. During the searches in Mumbai, various crucial documents relating to the loan transactions were seized, suggesting further implications in the ongoing investigation.