CBI Cracks Down on Reliance Communications Fraud Case (Image Source: Internet)
New Delhi: The Central Bureau of Investigation has arrested two senior officials of Reliance Communications in a ₹2,929 crore bank fraud case. This case is considered to be one of the biggest corporate loan scams in the country.
The investigating agency has arrested D. Vishwanath and Anil Kalya. Both of them handled the corporate finance and banking operations of the company. According to the agency, their role has been important in the misuse of funds.
According to the CBI, D. Vishwanath was the head of the banking operations of the company, and the funds were misappropriated on his instructions. Whereas Anil Kalya gave active support in this entire process.
This matter came to light when State Bank of India filed a complaint. The bank alleges that it had given a loan to the company, but due to fraudulent activities, it suffered a loss of about ₹2,929 crore.
The Enforcement Directorate is also investigating this matter. The Delhi court has already sent the former officials of the company to ED custody for 5 days. Investigation revealed that the loan money was transferred to shell companies, which were controlled by the same group.
During the investigation, ED has found digital evidence like emails, which makes it clear that the accused had a role in misappropriation of funds.
This case raises big questions on corporate governance and banking systems in India. The investigation is ongoing, and there may be more big revelations in the coming time.
