The central bureau of investigation(CBI) in the long-running probe into alleged bank fraud involving Anil D Ambani controlled Reliance Communications (RCom), has arrested two senior executives D Vishwanath, joint president and Anil Kalya, vice-president (VP) for their alleged role in the diversion and misuse of loan funds.
The arrests follow a regular case registered by the CBI based on a complaint from State Bank of India (SBI), which had extended substantial credit facilities to Reliance Communications Ltd. The agency alleges that fraudulent activities by the borrower led to a wrongful loss of about ₹2,929 crore to SBI alone. The broader complaint indicates that as many as 17 public sector banks and financial institutions may have collectively suffered losses amounting to ₹19,694 crore.
According to a CBI press release, the investigation has revealed that Reliance Communications engaged in a series of circuitous transactions routed through shell entities allegedly controlled by company officials. The company is also accused of discounting letters of credit (LCs) for purported service-related transactions with its own group entities transactions that were later found to be non-genuine and eventually devolved, leaving banks exposed to substantial losses.
Mr Vishwanath was reportedly in charge of the group’s banking operations and is alleged to have played a central role in directing the diversion and misuse of funds. He was also the key interface with lending banks for sanction and disbursal of credit facilities. Mr Kalya is said to have assisted Mr Vishwanath in managing corporate finance functions, including fund utilisation and banking operations.
CBI has described both executives as crucial functionaries within the RCom group’s financial management structure. They are expected to be produced before the jurisdictional court as the agency seeks further custody for interrogation.
The investigation remains ongoing, with officials indicating that more individuals and entities could come under scrutiny as the probe progresses.
Notably, in recent months, CBI has registered at least seven cases against companies belonging to the Anil Ambani-led Reliance group, based on complaints from various PSBs and the Life Insurance Corporation of India (LIC). These cases involve alleged frauds running into several thousand crores, pointing to a wider pattern of financial irregularities under investigation.
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this company demands a closer look alongwith the series of name changes it had over the years. Starting as Sonata Investments, a promoter group company owning shares of RAAGA on behalf of Anil Ambani, including RCOM and RCAP. The current name of the company CLE or Crest Logistics was an undisclosed promoter linked company taking huge loans to the tune of 8 to 10,000 crore from Rel Infra. Loans unpaid in cash but structured under a settlement plan where the promoter owned company received funds that Reliance Infra raised from banks.
While sonata reminded a promoter group company till RCOM downed shutters, it became a vehicle to siphon funds from the new flagship (whatever was left of the group) RINFRA.
This case has not yet been touched by the investigators in great detail. If they decide to, then some of the signatories are already in their custody, along with the mastermind of creating the web of companies (optically unrelated to the promoter).
The two arrested in the rCOM case this week, the one arrested in manhattan apartment sale stationed at Tihar, and then the big whale Amitabh Jhunjhunwala. The mystery behind CLE can be resolved in 4 interrogations, without the so far delaying tactics by these witnesses anymore. A 8-10,000 crore of misuse of bank loans was never as easy to solve as it is today. All it needs is the SIT to interrogate 4 arrested accused in other RAAGA related cases. At best the 5th Sateesh Seth, who is currently living on the edge without his trademark Junoon.