CBI Arrests Two Senior RCom Executives Vishwanath And Anil Kalya In ₹2,929 Crore Bank Fraud Case Involving Anil Ambani

Mumbai: The Central Bureau of Investigation (CBI) has arrested two senior executives – D Vishwanath and Anil Kalya – of Reliance Communications (RCom), controlled by industrialist Anil Ambani, in a bank fraud case, officials said on Monday.

Shell Entities Used for Circuitous Transactions

The CBI had registered a case against RCom, Anil D Ambani and unknown others on a complaint by State Bank of India (SBI), alleging that although the bank sanctioned credit facilities to the company, it suffered a wrongful loss of around ₹2,929.05 crore due to fraudulent activities by the accused borrowers.

“Investigation thus far has revealed that RCom entered into circuitous transactions through shell entities controlled by company’s officials and also got discounted letters of credit (LCs) opened for bogus service-related transactions with its group entities,” the CBI said in a statement.

Anil Ambani Questioned Twice Last Month

“Vishwanath was overall in-charge of banking operations of the group and on his directions the mis-utilisation of funds were carried out. He was in coordination with banks for sanction and disbursal of the facilities to the accused company. Kalya had actively supported Vishwanath and these two were important functionaries of the RCom Group managing corporate finance, banking operations, payments/utilisation of funds etc. They will be produced before the court. The investigation is ongoing,” the agency officials said.

Last month, Anil Ambani had appeared twice before CBI officers in Delhi for questioning in connection with the case.

“Vishwanath and Kalya served as chief financial officer and vice president (accounts and finance), respectively, at RCom after the company was admitted into the corporate insolvency resolution process (CIRP) in 2019. RCom operates under the supervision of resolution professional Anish Nanavaty, who was appointed by the Committee of Creditors led by SBI, with Deloitte acting as advisor, a Reliance Group spokesperson clarified.

“RCom is no longer part of the Reliance Group as the company 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, with proceedings still pending in 2026. Anil Ambani served as a non-executive director on the board of RCom and stepped down from this position in 2019. He was not involved in the day-to-day operations of the company,” the spokesperson added.

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