Mumbai, April 24: A special CBI court on Friday remanded two senior executives of Reliance Communications, D Vishwanath and Anil Kalya, arrested earlier this week in a bank fraud case, to 14 days’ judicial custody.
CBI case and allegations
The CBI registered a case against Reliance Communications (RCom), Anil D 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.
Funds allegedly diverted
According to the agency, funds obtained through these credit facilities were allegedly round-tripped from RCom to Netizen Engineering Pvt Ltd, where Kalya was a director.
The CBI alleged that Vishwanath was in charge of the group’s banking operations and that the alleged misutilisation of funds was carried out on his directions.
He was also in coordination with banks for sanction and disbursal of loans to the company. Kalya allegedly supported Vishwanath, and both were key functionaries managing corporate finance, banking operations and utilisation of funds.
CBI cites risk of interference
Seeking judicial custody, the agency told the court that both accused have access to influential networks and financial resources, which could enable them to obstruct justice or tamper with evidence.
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The CBI said it is probing their role in the sanction and disbursal of a Rs 6,015 crore rupee term loan to RCom by 11 banks, a Rs 1,200 crore loan to RCom and Reliance Infratel Limited by State Bank of India, and the opening of letters of credit followed by alleged diversion of funds through circuitous routes.
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