Fraud Fallout: CBI Arrests Top Reliance Executives Amid Banking Scandal

In a major development, the Central Bureau of Investigation (CBI) has arrested Anil Kalya and D Vishwanath, senior executives at Reliance Communications, a company under the Anil Ambani group. The arrests come as part of an inquiry into an alleged bank fraud case, the agency disclosed on Monday.

The CBI investigation is rooted in a complaint by the State Bank of India, which claimed that Reliance Communications caused a wrongful loss of over Rs 2,929 crore to the bank through fraudulent activities. The accused allegedly conducted convoluted transactions and misused funds, leading to massive losses to a total of 17 public sector banks.

The agency stated that Vishwanath, responsible for the group's banking operations, orchestrated the misutilisation of funds, while Kalya provided active support. Their arrests are part of ongoing probes into fraudulent activities by the Anil Ambani-led Reliance Group, with seven cases filed in the past months.

(With inputs from agencies.)