New Delhi: The Central Bureau of Investigation (CBI) on Monday arrested two senior executives of Reliance Communications as part of its ongoing probe into an alleged multi-crore bank fraud case linked to the Anil Ambani-led group.
The arrested executives have been identified as D. Vishwanath, Joint President, and Anil Kalya, Vice President of the company, the CBI said in a post on X.
Officials said both were key functionaries involved in managing corporate finance, banking operations, and fund utilisation within the group.
The case was registered on a complaint filed by the State Bank of India, which alleged that credit facilities extended to the company were misused, resulting in a wrongful loss of around Rs 2,929.05 crore to the bank. The complaint further stated that a total loss of Rs 19,694.33 crore was caused to 17 public sector banks and financial institutions.
According to the investigation, the company allegedly routed funds through a network of shell entities controlled by its officials. It is also alleged that Letters of Credit were discounted for non-genuine service transactions involving group entities, which later devolved, leading to significant financial losses.
The probe agency said Vishwanath was overall in charge of banking operations and played a central role in coordinating with banks for sanction and disbursal of loans. Investigators allege that misutilisation of funds took place under his direction. Kalya is accused of actively assisting in these activities.
Both accused will be produced before a jurisdictional court, officials said, adding that further investigation is underway.
The agency also noted that in recent months, it has registered seven cases against the Reliance Group led by Anil Dhirubhai Ambani, based on complaints from public sector banks and the Life Insurance Corporation of India, involving alleged fraud amounting to thousands of crores.
