<h1>FIR against telecom firm, director over alleged Rs 2,929.05 crore bank fraud, searches conducted; insolvency proceedings ongoing</h1> A central investigative agency registered an FIR against a telecom company, its director, unknown public servants and others for allegedly defrauding a bank of Rs 2,929.05 crore, and conducted searches at the company's offices and the director's residence. Allegations include criminal conspiracy, cheating, criminal breach of trust, misrepresentation to obtain credit, diversion and routing of loan funds, inter-company transactions, misuse of invoice financing, write-offs of group-company advances and fictitious debtors. The bank had earlier classified the account as fraud, later reversed and reclassified it after due process; the company is in corporate insolvency and related personal insolvency proceedings are pending before the NCLT.