NEW DELHI: The Central Bureau of Investigation (CBI) carried out raids at the residences of two former directors of Reliance Telecom and the company office after registering an alleged fraud case of Rs 114.98 crore against them, officials said on Thursday.
The federal investigation agency said that that they have registered a case against Reliance Telecom Ltd., Satish Seth (then Director), Gautam B Doshi (then Director), unknown public servants and unknown others for offences of conspiracy, cheating under IPC and criminal misconduct and abuse of official position under the Prevention of Corruption Act, 1988.
The agency said the fraud was carried out at State Bank of India and they have registered a case based the bank complaint about it being defrauded and suffering a wrongful loss of Rs 114.98 crore.
"SBI was a member of the consortium of 11 banks which had sanctioned a total of Rs 735 crore Term Loan facility to Reliance Telecom Ltd," the CBI said.
The agency has conducted searches in Mumbai at the residence of Satish Seth, Gautam B Doshi and the registered office of Reliance Telecom Ltd. Various documents connected with the loan transactions have been recovered, the spokesperson said.
The case comes amid broader investigations into alleged financial irregularities involving companies linked to the Reliance Group. Earlier this month, the CBI had questioned Anil Ambani for several hours in a separate case related to an alleged Rs 2,929 crore fraud involving Reliance Communications.