Bank fraud: CBI information case towards 2 ex-directors of Reliance Telecom | India News

NEW DELHI: CBI has registered a case towards former Reliance Telecom administrators Satish Seth and Gautam Doshi, apart from some public servants, on a grievance filed by State Bank of India alleging a financial institution fraud of Rs 115 crore. The company performed searches at their residences in Mumbai on this connection. Various paperwork related with the mortgage transactions have been recovered. The FIR has been filed underneath sections referring to conspiracy, dishonest underneath IPC and felony misconduct and abuse of official place underneath Prevention of Corruption Act. Reliance Telecom has additionally been named as an accused within the case. According to CBI, SBI was the lead banker and member of a consortium of 11 banks which had sanctioned a complete of Rs 735 crore Term Loan facility to M/s. Reliance Telecom Ltd. SBI was the primary financial institution to categorise Reliance Telecom’s accounts as fraudulent and subsequently filed a grievance with CBI, based mostly on which an FIR was registered. A 12-member CBI crew additionally landed on the SBI workplace in Mumbai on Wednesday.