The Central Bureau of Investigation arrested two senior executives of Reliance Communications Limited — D Vishwanath, Joint President, and Anil Kalya, Vice President — on Monday in connection with an alleged bank fraud case involving wrongful losses of ₹19,694.33 crore to 17 public sector banks and financial institutions, according to a CBI press release dated April 20, 2026.
The arrests come as part of a regular case registered by the CBI against Reliance Communications Limited, Anil D Ambani and unknown others on the complaint of State Bank of India. Both accused will be produced before the jurisdictional court. The investigation is ongoing.
What CBI Has Alleged
The CBI’s case stems from SBI’s complaint that the bank had sanctioned credit facilities to Reliance Communications but suffered a wrongful loss of approximately ₹2,929.05 crore due to fraudulent activities of the accused borrowers. The aggregate wrongful loss across 17 public sector banks and financial institutions is stated at ₹19,694.33 crore as per the SBI complaint.
Investigation conducted thus far has revealed, according to the CBI, that Reliance Communications entered into circuitous transactions through shell entities controlled by the company’s officials. The company also allegedly obtained discounted Letters of Credit opened for bogus service-related transactions with its group entities, which subsequently devolved — causing the losses to the banking system.
The Role of the Two Arrested Executives
D Vishwanath, as Joint President, was described by the CBI as being overall in-charge of banking operations of the Reliance Communications group. According to the agency, the misutilisation of funds was carried out on his directions and he was in active coordination with banks for the sanction and disbursal of credit facilities to the accused company.
Anil Kalya, as Vice President, is alleged to have actively supported Vishwanath. The CBI states that both executives were important functionaries of the R. Com group managing corporate finance, banking operations, payments and utilisation of funds.
Seven Cases Against Anil Ambani’s Reliance Group
Monday’s arrests do not stand in isolation. The CBI press release notes that the agency has registered seven cases against the Anil Ambani-led Reliance Group in the last few months on complaints lodged by various public sector banks and LIC for frauds running into thousands of crores of rupees. The accumulation of seven separate cases across multiple complainant institutions signals a broad and sustained investigative focus on the group’s banking relationships and fund utilisation practices across what appears to be an extended period of alleged financial misconduct.
Reliance Communications, once one of India’s largest telecom operators, has been in insolvency proceedings and financial distress for several years following the collapse of its business amid intense competition and debt accumulation. The company’s lenders — spread across public sector banks — have been among the most prominent victims of the group’s financial difficulties, and the CBI cases represent the criminal investigation dimension of what has already been a prolonged civil insolvency process.
The two arrested executives will be produced before the jurisdictional court. The investigation is ongoing and further developments are expected as the CBI continues to examine the full scope of the alleged transactions.
Disclaimer: The CBI’s allegations are subject to judicial scrutiny. All accused are entitled to due process and are presumed innocent until proven guilty by a competent court of law. This article is based on a CBI official press release and is for informational purposes only.