India, April 21 -- The CBI on Monday said it has arrested two senior executives of Reliance Communications (RCOM), a company of the Anil Ambani group, in an alleged bank fraud case, the agency said on Monday.

It identified the officials as RCOM Vice President Anil Kalya and Joint President D Vishwanath. The federal agency will seek their remand before a court.

The investigation pertains to RCOM, Anil Ambani and others, registered based on a complaint filed by the State Bank of India (SBI), with allegations that the bank sanctioned credit facilities to the company but due to the accused borrowers' "fraudulent" activities, the lender suffered a wrongful loss of around Rs 2,929.05 crore.

According to the complaint, a wrongful loss of Rs 1...