New Delhi, April 20 (NationPress) The Central Bureau of Investigation (CBI) has apprehended two high-ranking officials of Reliance Communications (RCom), namely D. Vishwanath and Anil Kalya, linked to a staggering Rs 19,694 crore bank fraud case involving the company, as stated by the agency on Monday.

The CBI initiated a formal investigation against Reliance Communications Limited, Anil D Ambani, and unidentified individuals based on a complaint from the State Bank of India (SBI). The allegations indicate that the bank granted credit facilities to the implicated company, which, due to the deceitful conduct of the accused, resulted in a wrongful loss of approximately Rs 2,929.05 crore.

According to the SBI's complaint, a total wrongful loss of Rs 19,694.33 crore was inflicted upon 17 public sector banks and financial institutions.

Current investigations have uncovered that RCom Ltd engaged in convoluted transactions through shell companies managed by its officials, and also arranged for discounted letters of credit (LCs) for fictitious service-related dealings with its affiliated entities, which eventually devolved, leading to significant losses for the banks.

Vishwanath, who held the position of Joint President, was responsible for overseeing the banking operations of the group, and it was under his directions that the misuse of funds took place.

He coordinated with banks for the approval and distribution of funds to the implicated company.

Kalya, the vice president, provided substantial support to Vishwanath, and both were key figures in the RCom group overseeing corporate finance, banking operations, payments, and fund utilization during that critical period.

The two executives will soon be presented before the relevant court, as stated by the CBI.

The investigation into this case is ongoing, according to the agency's statement.

In response to these developments, the Reliance Group clarified that Reliance Communications is no longer affiliated with the group and emphasized that Anil Ambani has not participated in the company’s daily operations since his resignation as a non-executive director in 2019.

“Reliance Communications is no longer part of the Reliance Group as it 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 ongoing proceedings expected to continue until 2026,” stated the spokesperson.

“Anil D. Ambani stepped down from his role as a non-executive director on the board of RCOM in 2019, which was nearly seven years ago. He has not been involved in the company’s daily operations,” the spokesperson added.