Anil Ambani’s Reliance Group has stated that Amitabh Jhunjhunwala and Amit Bapna, who previously held senior positions within the group, are no longer associated with the company. The Enforcement Directorate has arrested the duo as part of a money laundering investigation related to an alleged banking fraud involving Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL).
Jhunjhunwala parted ways with the group in December 2019, while Bapna left in September 2019, and both individuals have since severed ties with group entities like Reliance Infrastructure Limited and Reliance Power Limited. Jhunjhunwala had roles such as Group Managing Director of the Reliance Group and Vice Chairman and Director of Reliance Capital Limited during his tenure. Bapna, on the other hand, served as the Chief Financial Officer of Reliance Capital Limited and Director of Reliance Home Finance Limited.
The Enforcement Directorate has taken Jhunjhunwala and Bapna into custody as part of an investigation under the Prevention of Money Laundering Act (PMLA), based on multiple ECIRs filed by the Central Bureau of Investigation (CBI). Jhunjhunwala, in his capacity as Director of Reliance Capital Limited, is believed to have played a significant role in the operations of RHFL and RCFL during the relevant period.
Recently, the CBI initiated a case against Reliance Communications Ltd (RCom), Anil Ambani, and others on allegations of causing a wrongful loss of Rs 3,750 crore to Life Insurance Corporation (LIC) of India. The case was registered following a complaint from LIC, citing offenses including conspiracy, cheating, misappropriation, and violations under the Prevention of Corruption Act. Investigations into the matter are ongoing.
The CBI had previously filed three cases against RCom Ltd, Anil Ambani, and associates for defrauding several banks. Anil Ambani was questioned by the CBI in Delhi for two consecutive days in connection with an alleged Rs 2,929.05 crore fraud case involving SBI. The Supreme Court has emphasized the necessity for a coordinated and time-bound investigation into alleged bank frauds associated with Reliance Communications and its subsidiaries, urging investigating agencies like the Enforcement Directorate and the CBI to collaborate transparently and independently.
