CBI probing Reliance Telecom for ₹115 crore loan fraud
Business
The Central Bureau of Investigation (CBI) has started investigating Reliance Telecom and two of its then directors after claims they cheated State Bank of India out of ₹114.98 crore.
This all started when State Bank of India, which had teamed up with 10 other banks to give Reliance Telecom a massive ₹735 crore loan, filed an official complaint.
CBI teams just raided the residences of directors
CBI teams just raided the residences of Satish Seth and Gautam B. Doshi and Reliance Telecom's Mumbai office, picking up loads of documents tied to those loans.
Investigators are now combing through the paperwork to see if there is solid proof of fraud.
The case is still unfolding, so more updates are likely soon.