MUMBAI: The Central Bureau of Investigation (CBI) has registered a case against Reliance Telecom Ltd's former directors Satish Seth and Gautam B Doshi, over allegations of cheating and criminal misconduct, the agency said.
The case was filed based on a complaint from the State Bank of India (SBI), which alleged that the company defrauded the bank and caused a wrongful loss of Rs 114.98 crore. SBI was a member of a consortium of 11 banks that had sanctioned a total term loan facility of Rs 735 crore to Reliance Telecom Ltd.
The CBI has booked the accused under charges of criminal conspiracy, cheating under the Indian Penal Code, and criminal misconduct and abuse of official position under the Prevention of Corruption Act, 1988.
Following registration of the case, the agency conducted searches in Mumbai at the residences of Satish Seth and Gautam B Doshi, as well as at the registered office of Reliance Telecom Ltd. Officials said various documents connected with the loan transactions were recovered during the searches.