CBI Launches Major Raids in Reliance Telecom SBI Fraud Case

Mumbai, March 26: The Central Bureau of Investigation (CBI) has intensified its efforts in the Reliance Telecom SBI fraud case with significant raids across Mumbai. The agency targeted various locations linked to the involved company and individuals, including the residences of Satish Seth and Gautam Doshi, as well as the company’s registered office.

During these operations, officials recovered crucial documents related to loan transactions and financial dealings. The CBI is set to scrutinize banking records, correspondence, and internal documents related to loan approvals. Further actions will be determined based on the investigation’s findings.

Authorities indicated that the search operation is ongoing, and additional evidence may be collected during this process. The CBI has filed a case against Reliance Telecom Limited, its former directors Satish Seth and Gautam B. Doshi, along with several unidentified government officials and others, in connection with a bank fraud case involving an alleged scam of approximately ₹114.98 crores linked to the State Bank of India (SBI).

According to officials, the agency has charged the accused under the Indian Penal Code for criminal conspiracy and fraud, as well as provisions related to criminal misconduct and abuse of power under the Prevention of Corruption Act, 1988.

This case was registered following a complaint from SBI, which alleged that the involved companies and individuals defrauded the bank, resulting in substantial financial losses. SBI was part of a consortium of 11 banks that collectively provided a term loan of ₹735 crores to Reliance Telecom.

Following the case registration, the CBI has conducted multiple raids across Mumbai. This action is part of an investigation into alleged financial irregularities within companies linked to the Reliance Group. Earlier this month, the CBI also questioned Anil Ambani in a separate matter concerning an alleged bank fraud of around ₹2,929 crores related to Reliance Communications (RCom), which was also reported by SBI.

Officials stated that the allegations involve the misuse of loan amounts and violations of agreed terms. The bank had already declared these accounts as fraudulent, prompting investigative agencies to initiate actions at the company’s offices and the residences of involved individuals.

Sources indicate that Anil Ambani has been summoned for further questioning. Additionally, other corporate officials connected to this case have been interrogated as part of a comprehensive investigation into financial transactions.