Bank fraud case: CBI arrests 2 executives of Anil’s Reliance Communications

New Delhi: India’s Central Bureau of Investigation has arrested two senior executives of Reliance Communications Corp (RCOM) as part of its in-depth probe into allegations of financial irregularities.Co-chairman D Vishwanath and vice-chairman Anil Kalya were arrested for allegedly misusing funds and causing heavy losses to public sector lenders.The CBI registered the case based on a formal complaint filed by the State Bank of India (SBI).The charges relate to sanctioned credit facilities, with SBI reporting direct wrongful losses amounting to Rs 2,929 crore. A consortium of 17 public sector banks and financial institutions allegedly suffered undue losses totaling Rs 19,694.30 million, the FIR said.Reliance Group, which runs Reliance Communications after the demerger of RIL, has alienated RCOM from Anil Ambani. “Reliance Communications is no longer part of the Reliance Group as the company has been undergoing CIRP under the Insolvency and Bankruptcy Code (IBC), 2016 since 2019 and has been in resolution proceedings for almost seven years with proceedings still pending,” Reliance Communications said in a statement. “He is not involved in the day-to-day operations of the company,” the statement said. The investigation revealed that Reliance Communications engaged in roundabout transactions through a network of shell entities controlled by company officials.