The Enforcement Directorate has arrested two close aides of industrialist Anil Ambani in connection with the ongoing investigation into the Reliance Home Finance Limited case under the Prevention of Money Laundering Act.
Mumabi: The Enforcement Directorate (ED) has arrested Amitabh Jhunjhunwala and Amit Bapna, both considered close aides of industrialist Anil Ambani, in connection with an ongoing probe under the Prevention of Money Laundering Act (PMLA), according to sources.
Jhunjhunwala, a former director of Reliance Capital Limited, is alleged to have played a key decision-making role in the operations of Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), both part of the broader Reliance Group financial ecosystem.
Also Read
The arrests are based on multiple Enforcement Case Information Reports (ECIRs) registered by the ED, which stem from earlier investigations initiated by the Central Bureau of Investigation (CBI). The case is part of a wider probe into alleged financial irregularities and suspected loan frauds involving group companies linked to Anil Ambani.
Earlier, the CBI had registered a case against Reliance Communications Limited, Anil Ambani, and others over allegations of causing a wrongful loss of thousands of crores to financial institutions, including the Life Insurance Corporation of India. The complaint alleged that LIC was induced to invest in Non-Convertible Debentures (NCDs) worth ₹4,500 crore based on allegedly false representations regarding the financial health and asset backing of the company.
The CBI has also previously filed multiple cases related to alleged bank fraud involving Reliance Communications and group entities. Investigators have examined large-scale financial transactions and alleged misrepresentation in loan accounts, leading to ongoing coordinated probes.
In parallel, Anil Ambani has been questioned by the CBI in connection with a separate alleged bank fraud case involving the State Bank of India, further widening the scope of investigations into the group’s financial dealings.
The Supreme Court has also recently emphasised the need for a coordinated and time-bound investigation into alleged large-scale banking frauds linked to Reliance Communications and its group companies. It observed that agencies such as the ED and CBI must work together to ensure a transparent and effective investigation.
Investigations in the case are currently ongoing, and authorities have stated that further action will depend on evidence gathered during the probe.
(With IANS inputs)
Published: 15 Apr 2026, 11:35 pm IST
Related Topics
Subscribe to our Newsletter
Disclaimer: Kindly avoid objectionable, derogatory, unlawful and lewd comments, while responding to reports. Such comments are punishable under cyber laws. Please keep away from personal attacks. The opinions expressed here are the personal opinions of readers and not that of Mathrubhumi.