Amitabh Jhunjhunwala, Amit Bapna Arrested By ED In PMLA Probe Linked to Reliance Firms

The Enforcement Directorate (ED) has arrested Amitabh Jhunjhunwala and Amit Bapna in connection with an ongoing money laundering investigation linked to alleged loan fraud involving Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). The case is being investigated under the provisions of the Prevention of Money Laundering Act (PMLA) and stems from multiple FIRs registered earlier by the Central Bureau of Investigation (CBI). These FIRs relate to alleged large-scale financial irregularities and diversion of bank funds involving companies of the Anil Ambani-led Reliance Group.Amitabh Jhunjhunwala, a former senior executive and close aide of Anil Ambani, has previously been under the scanner of central agencies. Investigators

believe he played a key role in decision-making processes within the group, particularly in financial operations linked to RHFL and RCFL. Jhunjhunwala was the former group managing director of Reliance Anil Ambani Group and vice chairman of Reliance Capital. Amit Bapna is a former top executive of Reliance Finance. ED's investigations have revealed that Anil Ambani group of companies have allegedly laundered over Rs 40,000 crore. ED has attached assets worth Rs 17000 crores, including his house worth Rs 3700 crores. Both CBI and ED have questioned Anil Ambani repeatedly. He, however, maintained that resigned from the board of directors from the cos in 2017.