**Executive Summary**
On April 20, 2026, the Central Bureau of Investigation (CBI) arrested two senior executives of Reliance Communications (R. Com) in connection with a major bank fraud case involving losses of approximately Rs. 19,694.33 crores to 17 public sector banks. The arrests follow a complaint by the State Bank of India (SBI) regarding the fraudulent misutilization of credit facilities and circuitous transactions through shell entities. The accused are scheduled to be produced before a jurisdictional court while investigations into the broader Anil Ambani-led Reliance Group continue.
**Key Points / Main Content**
**Arrests and Executive Roles**
* **D. Vishwanath (Joint President, R. Com):** Arrested for overseeing banking operations and allegedly directing the misutilization of funds and coordination of fraudulent credit facilities.
* **Anil Kalya (Vice President, R. Com):** Arrested for actively supporting fraudulent operations, managing corporate finance, and handling the utilization of funds.
**Nature of Fraudulent Activities**
* **Circuitous Transactions:** The company allegedly moved funds through shell entities controlled by R. Com officials.
* **Bogus Letters of Credit (LCs):** Discounted LCs were opened for fake service-related transactions with group entities; the subsequent devolution of these LCs caused massive losses to the banks.
* **Misutilization of Funds:** Credit facilities sanctioned for legitimate business were diverted through fraudulent banking operations.
**Financial Loss and Legal Scope**
* **Loss to SBI:** The State Bank of India reported a direct wrongful loss of approximately Rs. 2,929.05 crores.
* **Total Institutional Loss:** A total of 17 public sector banks and financial institutions (FIs) suffered a combined loss of Rs. 19,694.33 crores.
* **Broader Investigation:** The CBI has registered seven cases against the Anil Ambani-led Reliance Group in recent months based on complaints from public sector banks and LIC.
**Impact Analysis**
**D. Vishwanath and Anil Kalya**
**Impact**
The individuals have been arrested and face criminal charges for managing and executing fraudulent corporate finance and banking operations.
**Action Required**
The accused must be produced before the jurisdictional court for legal proceedings.
**Reliance Communications (R. Com) and Anil Ambani-led Group**
**Impact**
The group is the subject of multiple CBI investigations (seven cases total) regarding large-scale fraud running into thousands of crores.
**Action Required**
The company and its officials must respond to the ongoing CBI investigation into their use of shell entities and group transactions.
**State Bank of India and 16 other Public Sector Banks/FIs**
**Impact**
These institutions have suffered a collective wrongful loss of nearly Rs. 19,700 crores due to the devolution of LCs and fraudulent credit utilization.
**Action Required**
The banks have initiated the legal process by lodging formal complaints and must continue to support the CBI’s ongoing investigation.
Key Entities Referenced
Central Bureau of Investigation (CBI): The primary investigating agency responsible for the arrest of senior executives and the ongoing investigation into the multi-crore bank fraud case.
Reliance Communications Limited (R. Com): The company at the center of the fraud allegations, accused of misutilizing funds and causing massive wrongful losses to a consortium of public sector banks.
State Bank of India (SBI): The lead complainant bank that reported significant financial losses and triggered the investigation into fraudulent credit facilities.
Anil D. Ambani: The individual controlling the Reliance Group against whom multiple cases have been registered regarding bank and financial institution frauds.
D. Vishwanath and Anil Kalya: Senior executives of Reliance Communications arrested for their roles in managing corporate finance and coordinating the misutilization of bank funds.
Ministry of Personnel, Public Grievances & Pensions
CBI arrests Two Senior Executives of Reliance
Communications in Bank Fraud Case
Posted On: 20 APR 2026 6:25PM by PIB Mumbai
Mumbai, 20 April 2026
The Central Bureau of Investigation (CBI) has arrested two Senior Executives, D. Vishwanath
and Anil Kalya of M/s Reliance Communications (R. Com), controlled by Anil D. Ambani.
The CBI had registered a Regular Case against M/s Reliance Communications Limited, Anil D.
Ambani, and unknown others on the complaint of State Bank of India (SBI), on the allegations
that the bank had sanctioned credit facilities to the accused company, but due to the fraudulent
activities of the accused borrowers, the bank had to suffer a wrongful loss of around Rs.
2,929.05 crores. As per the complaint filed by SBI, a wrongful loss of Rs. 19,694.33 crores has
been caused to 17 public sector banks / FIs. Investigation thus far has revealed that R. Com Ltd
entered into circuitous transactions through shell entities controlled by the company’s officials
and also got discounted LCs opened for bogus service-related transactions with its group
entities, which got devolved, causing huge losses to the banks.
D. Vishwanath, Joint President of M/s R. Com, was overall in charge of the banking operations of
the group, and on his directions, the misutilization of funds was carried out. He was in
coordination with banks for sanction and disbursal of the facilities to the accused company. Anil
Kalya, Vice President, had actively supported D. Vishwanath, and these two were important
functionaries of the R. Com Group, managing corporate finance, banking operations,
payments/utilization of funds, etc. They will be produced before the jurisdictional court.The
investigation is ongoing.
It may be recalled that CBI, in the last few months, has registered seven cases against the Anil
Ambani-led Reliance Group on the complaints lodged by various public sector banks and LIC for
frauds running into thousands of crores of rupees.
* * *
PIB Mumbai | Edgar Coelho/Darshana Rane
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