New Delhi/Mumbai, India — April 16, 2026
India’s financial enforcement agency, the Enforcement Directorate (ED), has arrested Amitabh Jhunjhunwala in connection with an ongoing money laundering investigation linked to alleged bank loan fraud.
The development marks a significant escalation in the probe involving entities associated with the Reliance Anil Dhirubhai Ambani Group (ADAG).
Arrest in Bank Loan Fraud Case
Authorities said he was later produced before a court, where the ED sought custody for further interrogation to trace the flow of funds and identify additional links in the case.
Allegations of Shell Companies and Financial Irregularities
The ED has alleged that the case involves the use of shell or fictitious companies to divert funds linked to lending operations.
The probe is connected to financial dealings involving:
- Reliance Home Finance Limited
- Reliance Commercial Finance Limited
Both firms are associated with Reliance Capital Limited, which served as the holding entity.
Investigators are examining whether funds were routed through multiple layers of entities to obscure their origin and end use.
Role of Amitabh Jhunjhunwala
Jhunjhunwala served as a director at Reliance Capital Limited from March 2003 to September 2019, a period during which the alleged financial transactions under scrutiny took place.
Officials are focusing on his role in decision-making processes and financial oversight during his tenure.
Investigation Intensifies
The ED is currently working to establish a clear trail of financial flows and identify any additional individuals or entities involved in the alleged scheme.
The agency has indicated that further action may follow based on findings from ongoing interrogation and forensic analysis of financial records.
⚠️ Legal Status
The case remains under investigation, and authorities have emphasized that findings will be subject to judicial scrutiny. No final conclusions have been announced.
