CBI Arrests Two Executives of Reliance Communications Over Financial Misconduct
NEW DELHI: The Central Bureau of Investigation (CBI) has taken two senior officials from Reliance Communications (RCOM) into custody amid ongoing inquiries into alleged financial mismanagement. Joint President D. Vishwanath and Vice President Anil Kalya were arrested following accusations of improper use of funds, which reportedly led to significant losses for public sector banks.
This action follows a formal complaint filed by the State Bank of India (SBI). According to the complaint, SBI has reported a direct loss of ₹2,929 crore due to these alleged activities. In total, a group of 17 public sector banks and financial institutions claimed to have suffered a combined wrongful loss of approximately ₹19,694.3 crore.
In light of this development, the Reliance Group has sought to clarify its relationship with RCOM, noting that the company is no longer part of the Reliance Group. They emphasized that RCOM has been undergoing a Corporate Insolvency Resolution Process since 2019 and has not been operational for nearly seven years. The statement also mentioned that Anil Ambani was not involved in the daily management of the company.
The investigation has uncovered that Reliance Communications reportedly conducted complex transactions through various shell companies managed by its officials. This situation continues to evolve as authorities work to unravel the financial activities surrounding the case.
