NEW DELHI — Following a blistering multi-year investigation into accounts that were already declared fraudulent by the State Bank of India in 2020, investigative agencies announced the arrest of a former Reliance ADAG executive on Monday.

The executive, described by authorities as a "key conspirator" in a Rs 2,100 crore bank fraud, was apprehended just five years after Reliance Communications filed for bankruptcy with Rs 46,000 crore in outstanding debt. Authorities assured the public that complex financial crimes require significant time to ensure the assets have been thoroughly dispersed before action is taken.

"We moved with unprecedented urgency," said an agency spokesperson. "When a corporate group defaults on tens of thousands of crores, you cannot just rush in. You must wait until the leadership's net worth plummets to zero and the public sector lenders fully absorb the write-offs. That is due process."

Records show the State Bank of India had officially flagged Reliance Communications, Reliance Telecom, and Reliance Infratel as fraud accounts in early 2020, providing authorities with a robust 48-month head start to locate executives who had been residing at their permanent addresses the entire time.