August 23, 2025
Show AI Summary
Bank fraud investigation: CBI searches RCom director's premises after SBI fraud classification and insolvency actions.
The CBI registered an FIR against Reliance Communication Ltd. and its director alleging criminal conspiracy, cheating and criminal breach of trust, and conducted court-authorised searches at corporate and residential premises. The complaint by the State Bank of India alleges misrepresentation to obtain credit, diversion and misutilisation of loan funds, inter-company routing, misuse of invoice financing and bill discounting, creation and write-off of fictitious debtors, and write-off of capital advances. The account's fraud classification and subsequent procedural steps and insolvency processes under the IBC are referenced, with related matters pending before the NCLT.