Mumbai
According to officials, the case names former directors Satish Seth and Gautam B. Doshi, along with unknown public servants and other individuals.
The agency has invoked charges of criminal conspiracy and cheating under the Indian Penal Code, in addition to provisions related to criminal misconduct and abuse of official position under the Prevention of Corruption Act, 1988.
The case stems from a complaint filed by SBI, which alleged that the accused parties defrauded the bank, causing significant financial losses. SBI was part of a consortium of 11 banks that had collectively sanctioned a term loan of Rs 735 crore to Reliance Telecom Ltd. The investigation aims to determine how the funds were utilised and whether there were deliberate attempts to mislead lenders.
Following the registration of the case, the CBI carried out searches at multiple locations in Mumbai. These included the residential premises of the named directors and the registered office of the company. Officials reported that several documents related to loan transactions and financial dealings were recovered during the raids.
Investigators are expected to examine banking records, internal communications, and approval processes linked to the disbursement of the loan. Authorities indicated that the probe is ongoing and further action will depend on the evidence gathered during the investigation.
The development comes amid a broader scrutiny of financial dealings involving entities linked to the Reliance Group. Earlier this month, the CBI questioned Anil Ambani for several hours in connection with a separate SBI complaint involving an alleged fraud of Rs 2,929 crore related to Reliance Communications.
Officials stated that searches are still underway and more evidence may emerge as the investigation progresses, potentially leading to further legal action in the case.
