Overview
- The CBI arrested D. Vishwanath and Anil Kalya on Monday in New Delhi in a case tied to alleged fraud at Reliance Communications, and said they will be produced before the jurisdictional court.
- SBI’s complaint says the bank took a direct hit of about ₹2,929.05 crore, and that 17 state-run banks and financial institutions together face wrongful losses of ₹19,694.33 crore.
- Investigators say the company routed funds through shell firms and used discounted letters of credit for bogus intra‑group services, which later devolved and forced banks to pay when counterparties did not.
- The agency alleges Vishwanath oversaw the group’s banking operations and directed how funds were used, and says Kalya supported him in managing corporate finance and payments as key officials at the time.
- Reliance Group says RCom has been under insolvency since 2019 under a court‑appointed resolution professional and that Anil Ambani left his non‑executive board role in 2019, while separate ED actions have led to arrests of other Reliance executives and asset attachments worth about ₹17,000 crore.