CBI Arrests Senior Officials of Reliance Communications in Major Bank Fraud Case

CBI Takes Action Against Reliance Communications Executives

The Central Bureau of Investigation (CBI) has apprehended two senior officials from Reliance Communications (RCom) in connection with a significant bank fraud case involving ₹2,929.05 crores. Reports indicate that the agency has arrested D. Vishwanath and Anil Kalia, who were under the control of Anil D. Ambani's company, M/s Reliance Communications. According to the investigation agency, both individuals played crucial roles in managing the corporate finance and banking operations of the troubled telecom firm.

The CBI revealed that D. Vishwanath, the joint president of RCom, was responsible for overseeing the entire banking operations of the group, and it was under his directives that funds were misappropriated. The accused coordinated with banks to secure loans and other facilities for the company. Following a complaint from the State Bank of India (SBI), the CBI registered a case against Reliance Communications Limited, Anil D. Ambani, and several unidentified individuals. The allegations state that the bank had approved credit facilities for the accused company, but due to fraudulent actions by the borrowers, the government bank suffered a loss of approximately ₹2,929.05 crores.

Court Orders ED Custody for Former Reliance Group Officials

Earlier on Thursday, a court in Delhi ordered the detention of former senior officials from the Reliance Anil Ambani Group (RAAG), Amitabh Jhunjhunwala and Amit Bapna, for five days in connection with a money laundering case linked to alleged bank loan fraud. The 24-page order indicated that the Enforcement Directorate (ED) discovered that the loan amounts were reportedly funneled into shell companies that the group itself controlled.