The Central Bureau of Investigation (CBI) has apprehended D. Vishwanath and Anil Kalya, senior executives at Reliance Communications, in connection with a Rs 19,694 crore bank fraud case. 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 resulting in a loss of approximately Rs 2,929.05 crore to the bank.
According to the SBI’s complaint, the accused caused a wrongful loss of Rs 19,694.33 crore to 17 public sector banks and financial institutions. Investigations unveiled that RCom Ltd engaged in convoluted transactions through shell entities under the company’s officials’ control, leading to substantial losses for the banks. Vishwanath, the RCom Joint President, oversaw banking operations and directed the misappropriation of funds.
Vishwanath collaborated with banks on the approval and disbursement of facilities to the accused company. Kalya, the company’s vice president, actively supported Vishwanath in managing corporate finance, banking operations, and fund utilization. Both executives played crucial roles in the RCom group’s financial operations at the time. The CBI confirmed that the two individuals would be presented before the appropriate court.
The investigation into the case remains ongoing, as stated by the CBI. In response to these developments, Reliance Group clarified that Reliance Communications is no longer associated with the group, and Anil Ambani has not been involved in the company’s day-to-day affairs since resigning as a non-executive director in 2019.
