<h1>FIR alleges Rs 2,929.05 crore loss, promoter and telecom firm accused of loan fraud, diversion, and misrepresentation</h1> A federal probe registered an FIR against a telecom company and its promoter for allegedly causing a Rs 2,929.05 crore loss to a public sector bank, prompting court-authorised searches of the company's offices and the promoter's residence. Allegations include criminal conspiracy, cheating, breach of trust, misrepresentation to obtain credit, diversion and routing of loan funds, inter-company transactions, misuse of invoice financing and creation/write-off of fictitious debtors. The account was earlier classified as fraud in 2020, the bank's complaint was delayed, a 2023 Supreme Court ruling on fraud classification procedures intervened, the bank reclassified the account per RBI guidance in 2024, and the borrower remains in ongoing corporate insolvency and personal IBC proceedings before the NCLT.