CBI arrests two senior R. Com execs in Rs 2929 crore SBI fraud case

The CBI arrested two senior executives of Anil Ambani's Reliance Communications, D Vishwanath and Anil Kalya. The arrest is in connection with a case filed by SBI over a fraud that allegedly caused a loss of Rs 19,694.33 crores to 17 banks.

The Central Bureau of Investigation (CBI) has arrested two senior executives, D Vishwanath and Anil Kalya of Reliance Communications (R. Com) controlled by Anil D Ambani.

Details of the Fraud Allegation

According to an official release, it may be recalled that CBI had registered a Regular Case against Reliance Communications Limited, Anil D Ambani and unknown others, on the complaint of State Bank of India (SBI), on the allegations that the bank had sanctioned credit facilities to the accused company, but due to the fraudulent activities of the accused borrowers, the bank had to suffer wrongful loss of around Rs 2929.05 crores. As per the complaint filed by SBI, a wrongful loss of Rs 19,694.33 crores has been caused to 17 public sector banks / FIs.

Investigation Findings and Roles of Accused

Investigation thus far has revealed that R. Com Ltd entered into circuitous transactions through shell entities controlled by the company's officials and also got discounted LCs opened for bogus service-related transactions with its group entities, which got devolved, causing huge loss to the banks. D Vishwanath, Joint President of R Com, was overall in charge of banking operations of the group, and on his directions, the mis-utilisation of funds was carried out. He was in coordination with banks for the sanction and disbursal of the facilities to the accused company. Anil Kalya, Vice President, had actively supported D Vishwanth, and these two were important functionaries of the R. Com Group managing corporate finance, banking operations, payments/utilisation of funds, etc. They will be produced before the jurisdictional court, the release noted. The investigation is ongoing.

Previous Cases Against Reliance Group

It may be recalled that CBI in the last few months has registered seven cases against the Anil Ambani-led Reliance Group on the complaints lodged by various Public Sector Banks and LIC for fraud running into thousands of crores of rupees. (ANI)

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