A Delhi court has remanded two ex-senior officials of the Anil Ambani-led Reliance Group, Amitabh Jhunjhunwala and Amit Bapna, to five days in Enforcement Directorate (ED) custody. The ED’s request for custodial interrogation was granted by the Special Judge, PMLA, at the Rouse Avenue Courts, despite the agency seeking a seven-day remand. Jhunjhunwala and Bapna, close associates of industrialist Anil Ambani, were arrested by the ED in connection with a money laundering investigation related to an alleged bank loan fraud case.
The Enforcement Directorate arrested Jhunjhunwala and Bapna as part of an ongoing probe under the Prevention of Money Laundering Act (PMLA), based on multiple Enforcement Case Information Reports (ECIRs) filed by the Central Bureau of Investigation (CBI). The case revolves around suspected financial irregularities involving Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), where the two individuals are believed to have held significant roles during their time with the group. Jhunjhunwala, a former Group Managing Director of the Reliance Group, and Bapna, who served as Chief Financial Officer of Reliance Capital Limited, are alleged to have been key decision-makers in the operations of RHFL and RCFL during the relevant period.
Sources indicate that the ED apprehended Jhunjhunwala and Bapna due to their alleged participation in the laundering of proceeds of crime associated with the suspected diversion and misuse of bank loan funds. Earlier this month, the CBI registered a case against Reliance Communications Ltd (RCom), Anil Ambani, and others, accusing them of causing a wrongful loss of Rs 3,750 crore to Life Insurance Corporation (LIC) of India. The investigation also extends to other bank fraud cases involving Reliance Group entities, including a purported Rs 2,929.05 crore fraud linked to the State Bank of India (SBI). Anil Ambani has previously been interrogated by the CBI regarding these matters.
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 associated with any of its companies. The group stated that Jhunjhunwala departed in December 2019, while Bapna left in September 2019, emphasizing that neither individual has ongoing ties with group entities like Reliance Infrastructure Limited and Reliance Power Limited.
