Top Executives Arrested in Alleged Reliance Communications Fraud

The Central Bureau of Investigation (CBI) has apprehended two key executives of Reliance Communications—Anil Kalya and D Vishwanath—in connection with an alleged bank fraud case amounting to over Rs 2,929 crore. The executives were responsible for the company's corporate finance and banking operations.

The CBI's apprehension comes following a complaint lodged by the State Bank of India, which accused the company of fraudulent activities that led to substantial losses. The CBI's findings suggest that Reliance Communications engaged in deceptive transactions through shell entities, resulting in considerable financial damage to multiple public sector banks.

While Reliance Communications has been in the Corporate Insolvency Resolution Process since 2019, and Anil D Ambani resigned from his non-executive director role the same year, the investigation continues. Currently, the CBI is working to register separate cases for each affected bank's losses as part of its ongoing probe.