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 May 15. The extension is in connection with a money laundering investigation related to Reliance Home Finance Limited (RHFL). The Enforcement Directorate’s plea for custodial interrogation was granted by the Special Judge, PMLA, at the Rouse Avenue Courts.
Jhunjhunwala and Bapna, who are close associates of industrialist Anil Ambani, were arrested by the ED as part of a probe under the Prevention of Money Laundering Act (PMLA). This action was based on multiple Enforcement Case Information Reports (ECIRs) filed by the Central Bureau of Investigation (CBI). Alleged financial irregularities involving group entities like RHFL and Reliance Commercial Finance Ltd (RCFL) are under scrutiny, with Jhunjhunwala and Bapna suspected of playing significant roles during their time with the companies.
The ED’s investigation revealed the duo’s alleged involvement in the laundering of proceeds of crime associated with the suspected diversion and misuse of bank loan funds. Earlier, the CBI had initiated a case against Reliance Communications Ltd (RCom), Anil Ambani, and others for allegedly causing a wrongful loss of Rs 3,750 crore to Life Insurance Corporation (LIC) of India. Anil Ambani had been questioned by the CBI in connection with this matter.
In response to the developments, the Anil Ambani-led Reliance Group clarified that Jhunjhunwala and Bapna are no longer part of the group and are not currently employed by any of its companies. According to a statement by the Anil Dhirubhai Ambani Group, Jhunjhunwala departed in December 2019, while Bapna left in September 2019. Both individuals have no ongoing association with group entities, including Reliance Infrastructure Limited and Reliance Power Limited.
