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The Enforcement Directorate (ED) has arrested Amitabh Jhunjhunwala and Amit Bapna, former senior executives of the Anil Ambani-led Reliance Group, in connection with an alleged bank loan fraud and money laundering case. The arrests relate to transactions involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd, where funds were allegedly diverted through shell entities. The action follows investigations initiated on the basis of FIRs registered by the Central Bureau of Investigation. The accused have been produced before a court, with the ED seeking custody for further interrogation. The case centres on suspected irregularities in loan disbursals and fund utilisation across group-linked financial entities.
The Enforcement Directorate (ED) has arrested Amitabh Jhunjhunwala and Amit Bapna, former senior executives of the Anil Ambani-led Reliance Group, in the past week in connection with an alleged bank loan fraud and money laundering case linked to group financial entities, with both individuals produced before a court for custodial interrogation. Advertisement
The arrests were made under the provisions of the Prevention of Money Laundering Act (PMLA) following questioning by the agency. Officials indicated that the investigation pertains to alleged irregularities in loan transactions involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd, where funds are suspected to have been diverted through a network of shell or dummy companies.
Amitabh Jhunjhunwala, who previously served as vice chairman and director of Reliance Capital Ltd the parent entity of RHFL and Reliance Commercial Finance has been identified as a key individual in the case. He is understood to have held a senior position within the group's financial services vertical. Amit Bapna, who served as a director of RHFL, has also been named in the investigation.
According to officials, the case involves alleged bank loan fraud amounting to significant sums, with investigative agencies examining the flow of funds and the role of associated entities in the transactions. The ED's probe is based on First Information Reports (FIRs) registered earlier by the Central Bureau of Investigation (CBI), which had flagged suspected financial irregularities.
The agency is seeking to establish the extent of fund diversion and whether the transactions were structured to conceal the origin and movement of funds. Investigators are also examining the use of intermediary entities and their role in routing funds between group companies and external beneficiaries.
The arrests mark a development in ongoing enforcement action involving financial transactions within certain Reliance Group-linked entities. The ED is expected to continue its probe by analysing financial records, corporate linkages and banking transactions associated with the case.
Officials stated that the accused have been presented before a court, with the agency seeking custody to facilitate further questioning and examination of evidence. The investigation is likely to focus on establishing accountability, tracing fund flows and identifying any additional individuals or entities involved in the alleged irregularities.
The case forms part of broader scrutiny by enforcement agencies into financial practices within certain non-banking financial companies, particularly in relation to loan disbursal processes and end-use of funds. Further developments are expected as the investigation progresses.
Source - PTI
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