The Central Bureau of Investigation (CBI) arrested Anil Kalya and D Vishwanath, two senior executives of Reliance Communications (RCOM), on Monday in connection with an alleged bank fraud case. According to reports from ANI, the two executives were important functionaries of the Reliance Communications group, managing corporate finance, banking operations, payments and fund utilisation. The CBI alleged that due to the accused borrowers' fraudulent activities, the State Bank of India suffered a wrongful loss of around ₹2,929.05 crore. This case originated from an SBI complaint filed on August 18, 2025, with the probe agency acting after receiving a tip that the Reliance executive and government official were involved in the alleged fraud. The Enforcement Directorate (ED) is also investigating this matter, with the Delhi court having already sent the former officials to ED custody for 5 days.
As reported by ANI, the investigation found that RCOM caused a wrongful loss of ₹19,694.33 crore to 17 public sector banks and financial institutions. The CBI is in the process of registering separate cases related to each bank's losses. According to the agency, RCOM entered into circuitous transactions through shell entities controlled by company officials and obtained discounted Letters of Credit (LCs) opened for bogus service-related transactions with its group entities, which devolved and resulted in huge losses for the banks. The case is based on a forensic audit report that alleges large-scale misuse of loan amounts between 2013 and 2017, with loan funds being circulated among other institutions of the group. During the ED investigation, digital evidence like emails has been found that clearly establishes the accused's role in fund misappropriation.
According to the company spokesperson quoted by PTI, Vishwanath and Kalya served as Chief Financial Officer (CFO) and Vice President (Accounts and Finance), respectively, at Reliance Communications after the company was admitted into the Corporate Insolvency Resolution Process (CIRP) in 2019. The company operates under the supervision of Resolution Professional Anish Nanavaty, who was appointed by the Committee of Creditors led by the State Bank of India, with Deloitte acting as advisor. The statement confirmed that Reliance Communications is no longer part of the Reliance Group as it has been undergoing CIRP since 2019 under the Insolvency and Bankruptcy Code (IBC), 2016, and has remained in the resolution process for nearly seven years. The SBI leads the consortium of banks that had given loans to the company, including major names like Bank of India, Union Bank, Canara Bank, and IDBI.
As reported by ANI, the probe agency found that Vishwanath was the head of the banking operations of the company and the funds were misappropriated on his instructions, while Anil Kalya gave active support in the entire process. The CBI alleged that Kalya actively supported Vishwanath, with both being important RCOM functionaries managing corporate finance, banking operations, payments and fund utilisation. The investigation revealed that loan money was transferred to shell companies controlled by the same group. The case raises big questions on corporate governance and banking systems in India, with the investigation being ongoing and there may be more revelations in the coming time. The CBI has so far registered seven cases against the Anil Ambani-led Reliance Group based on complaints lodged by various public sector banks and LIC for alleged fraud totalling thousands of crores of rupees.
