In a major crackdown on alleged banking fraud, the Central Bureau of Investigation (CBI) has arrested two senior executives of Reliance Communications — D. Vishwanath and Anil Kalya.
The case stems from a complaint filed by State Bank of India (SBI), which alleged that the company, controlled by Anil D. Ambani, secured large credit facilities but defaulted due to fraudulent activities. SBI alone reported a wrongful loss of ₹2,929.05 crore, while a consortium of 17 public sector banks and financial institutions suffered a massive combined loss of ₹19,694.33 crore.
Investigations have revealed that RCom allegedly routed funds through complex circular transactions involving shell companies controlled by its own officials. Additionally, bogus service-related transactions were created using Letters of Credit (LCs) between group entities, leading to their eventual default and heavy losses for banks.
D. Vishwanath, Joint President at RCom, was reportedly in charge of the group’s banking operations and is accused of directing the diversion and misuse of funds. He was also the key point of contact with banks for sanctioning and disbursing loans. Anil Kalya, Vice President, is said to have actively assisted in these operations, playing a crucial role in managing corporate finance and fund utilization.
Both accused have been taken into custody and will be produced before the jurisdictional court, while the investigation continues.
Notably, the CBI has registered at least seven cases in recent months against companies linked to the Reliance Group led by Anil Ambani, based on complaints from multiple public sector banks and Life Insurance Corporation of India, involving alleged frauds worth thousands of crores.
