The Central Bureau of Investigation (CBI) has detained D. Vishwanath and Anil Kalya, senior executives at Reliance Communications (RCom), in relation to a Rs 19,694 crore bank fraud case involving the company. The CBI initiated a case against Reliance Communications Limited, Anil D Ambani, and others following a complaint by the State Bank of India (SBI) alleging fraudulent activities that led to a loss of around Rs 2,929.05 crore for the bank.
Investigations have uncovered that RCom Ltd engaged in convoluted transactions through shell entities under company officials’ control and obtained discounted letters of credit for fake service-related transactions with its group entities, resulting in significant losses for the banks. Vishwanath, as RCom’s Joint President overseeing banking operations, directed the misappropriation of funds, while Kalya, the company’s Vice President, actively supported Vishwanath in managing corporate finance, banking operations, and fund utilization during that period.
The two executives are scheduled to appear before the court as per the CBI’s statement. The probe into the matter is ongoing, with the CBI having filed seven cases against the Anil Ambani-led Reliance Group in recent months for alleged fraud amounting to thousands of crores of rupees.
