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The Central Bureau of Investigation has arrested two senior executives of Reliance Communications in connection with an alleged bank fraud case linked to credit facilities extended by State Bank of India. The case involves a reported wrongful loss of INR 2,929.05 crore to SBI and a wider exposure of INR 19,694 crore across 17 public sector banks and financial institutions. The investigation points to fund diversion through shell entities and misuse of Letters of Credit for non-genuine transactions. The agency has indicated that the executives played key roles in managing banking operations and fund utilisation within the company.
The Central Bureau of Investigation (CBI) has arrested two senior executives of Reliance Communications earlier this week in New Delhi in connection with an alleged bank fraud case involving credit facilities extended by State Bank of India, with the investigation pointing to fund diversion and misuse of financial instruments leading to significant losses for lenders. Advertisement
The agency identified the individuals as Anil Kalya, vice president at Reliance Communications, and D Vishwanath, joint president, and stated that it would seek their remand before the court as part of the ongoing probe.
The case has been registered against Reliance Communications, its promoter Anil Ambani and others, based on a complaint filed by State Bank of India. According to the complaint, the bank had sanctioned credit facilities to the company, but alleged fraudulent activities by the borrowers resulted in a wrongful loss of INR 2,929.05 crore to the lender.
The investigation further indicated that the total exposure across the banking system was significantly higher, with a reported loss of INR 19,694 crore to 17 public sector banks and financial institutions.
According to the CBI, the company undertook circuitous transactions through shell entities that were controlled by its officials. The agency stated that Reliance Communications also availed discounted Letters of Credit opened for service-related transactions with group entities, which were later found to be non-genuine and subsequently devolved, causing substantial losses to the banks.
The probe agency indicated that D Vishwanath was responsible for overseeing the group’s banking operations and had directed the alleged misutilisation of funds. It added that he coordinated with banks for the sanction and disbursal of credit facilities to the company.
Anil Kalya was stated to have actively supported these activities, with both executives described as key functionaries managing corporate finance, banking operations, payments and fund deployment within the organisation.
The CBI also noted that, over the past few months, it has registered multiple cases against entities associated with the Anil Ambani-led Reliance Group based on complaints from public sector banks and Life Insurance Corporation of India, involving alleged frauds amounting to several thousand crore rupees.
The investigation remains ongoing as the agency continues to examine financial transactions and the role of individuals involved in the case.
Source - PTI
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