A Delhi court has extended the judicial custody of two ex-senior officials of the Anil Ambani-led Reliance Group, Amitabh Jhunjhunwala and Amit Bapna, until July 15. The extension is in connection with a money laundering investigation related to an alleged bank loan fraud case. The court scheduled a hearing for July 9 to consider the prosecution complaint filed by the Enforcement Directorate.
Jhunjhunwala and Bapna, who are close associates of industrialist Anil Ambani, were arrested by the Enforcement Directorate under the Prevention of Money Laundering Act. The arrests were made based on multiple Enforcement Case Information Reports filed by the Central Bureau of Investigation. The case involves suspected financial irregularities in Reliance Home Finance Ltd and Reliance Commercial Finance Ltd.
The Enforcement Directorate alleges that Jhunjhunwala and Bapna were involved in laundering proceeds of crime linked to the suspected diversion and misuse of bank loan funds. Jhunjhunwala, a former Group Managing Director of Reliance Group, and Bapna, the ex-Chief Financial Officer of Reliance Capital Limited, are said to have played significant roles in the two companies during their tenure.
The Anil Ambani-led Reliance Group clarified that Jhunjhunwala and Bapna are no longer part of the group and are not currently associated with any of its companies. Jhunjhunwala departed in December 2019, while Bapna left in September 2019. The two individuals have no ongoing ties with group entities, including Reliance Infrastructure Limited and Reliance Power Limited.
