CBI Registers Case Against Reliance Telecom (Anil Ambani Group) Ltd For Causing ₹114 Cr Loss To SBI | File Pic
Mumbai: The Central Bureau of Investigation (CBI) has registered a case against M/s. Reliance Telecom Ltd (Anil Ambani group) , Satish Seth (then director), Sh. Gautam B Doshi (then Director), unknown public servants and unknown others on the basis of complaint received from State Bank of India (SBI) on the allegations for defrauding the bank and causing a wrongful loss to SBI to the tune of Rs. 114.98 crores. SBI was a member of the consortium of 11 banks which had sanctioned a total of Rs 735 crores Term Loan facility to M/s. Reliance Telecom Ltd. According to the CBI’s FIR registered on Tuesday, the fraud perpetrated by the accused entity, persons, came to light when the forensic auditor submitted its report in October 2020. The period covered in the report is from 01.04.2013 to 31.03.2017. The fraud has taken place at Mumbai in credit facilities availed by borrower company, wherein the accused persons, company in conspiracy with each other and unknown others have induced the lenders to avail the credit facilities by misrepresentation and deception and after disbursal of the same, misappropriated the funds of the banks by entering into transaction which were in violation of the terms and conditions of sanction of the credit facilities, the FIR stated.”The borrower company is the primary accused entity having availed credit facility to the tune of Rs 125 crore from the complainant bank and the forensic audit has established that RTL was engaged in fraudulent activities including diversion and misutilization of borrowed funds, creation of fictitious and sham transactions with related parties, creation of web of inter corporate deposits, layering of funds to camouflage the true end use of funds and manipulation of books of accounts to conceal irregularities,” the FIR further stated. Also Watch:
After registration of this case on charges of conspiracy, cheating criminal misconduct and abuse of official position under relevant sections of the Indian Penal Code and Prevention of Corruption Act, the CBI had conducted searches in Mumbai at the residence of Satish Seth, Gautam B. Doshi and the registered office of M/s Reliance Telecom Ltd. Various documents connected with the loan transactions have been recovered, officials said on Thursday.
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