Mumbai: Special CBI Court Rejects Bail Pleas Of 2 Former RCom Executives In Alleged ₹2,929 Crore SBI Loan Fraud Case
A special CBI court rejected the bail pleas of two former Reliance Communications executives arrested in April in the alleged Rs 2,929.05 crore SBI loan fraud case. The court held that the probe involves complex financial transactions, multiple companies and numerous witnesses, making further investigation necessary.
A special CBI court refused bail to two former RCom executives, citing the ongoing probe into the alleged ₹2,929 crore SBI loan fraud | Representational Image
Mumbai, July 10: A special CBI court has rejected the bail applications of two former senior executives of Anil Ambani-led Reliance Communications Group, Viswanath Devaraja Rao, former Senior Vice-President and Joint President, and Anil Jamna Kalya, a chartered accountant and former Vice-President of the company, in a case over an alleged loan default to SBI.
The CBI registered a case against RCom, Anil Ambani and unknown others on a complaint by State Bank of India (SBI), alleging that despite sanctioning credit facilities, the bank suffered a wrongful loss of about Rs 2,929.05 crore due to fraudulent activities by the borrowers.
Court Cites Ongoing Investigation
The two were arrested by the CBI in April for their alleged role in the case. Kalya and Rao contended that they were neither board members nor part of the treasury or financial policy hierarchy and had no authority to independently sanction, structure or deploy funds.
The prosecution opposed the pleas, arguing that Rao held senior positions in the RCom Group and had substantial control over corporate finance, sanction, disbursal and utilisation of funds received from banks.
The court said, “The amplitude of the offence is huge and the scope of investigation in the alleged crime is also found to be huge one, requiring investigation into financial transactions of many companies involved in the transaction and examination of several witnesses.”
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The court observed that the investigation involved multiple financial transactions and companies and required further scrutiny before any relief could be considered.
It noted that the allegations involved significant financial implications and that the probe into the transactions was still underway. The court's observations came while deciding the bail pleas filed by the two former RCom executives.
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