A court has ordered the production of former senior executive Amitabh Jhunjhunwala before a Mumbai court in connection with a CBI case linked to alleged bank loan fraud involving companies associated with the Anil Dhirubhai Ambani group.
The order follows an application filed by the CBI before the Rouse Avenue Court, after which a Mumbai court issued a transit production warrant directing that Jhunjhunwala be produced on 29 April 2026.
CBI Case Linked to Reliance Group Entities
Jhunjhunwala, who was recently arrested by the Directorate of Enforcement in a parallel money laundering probe, is currently lodged in Tihar Jail under judicial custody. The case relates to alleged bank loan fraud involving group entities such as Reliance Home Finance Ltd and Reliance Commercial Finance Ltd, with investigators alleging the use of shell or dummy companies to divert funds.
The CBI case forms part of a wider probe into alleged financial irregularities involving Reliance Communications Ltd and other ADAG-linked entities. Last week, the ED arrested Jhunjhunwala under provisions of the Prevention of Money Laundering Act after extensive questioning. He was produced before a special court in Mumbai, which granted five days of ED custody.
The agency also arrested Amit Bapna, former chief financial officer and chief operating officer of Reliance Capital Ltd, in connection with the same investigation.
FCRF Academy Launches Premier Anti-Money Laundering Certification Program
Investigators Allege Diversion Through Shell Firms
According to investigators, Jhunjhunwala played a key role in the financial operations of RHFL and RCFL and was among the principal decision-makers during his tenure as vice-chairman of Reliance Capital and group managing director within the ADAG structure.
Officials allege that the accused facilitated the diversion of large volumes of public funds through a network of shell companies with negligible financial standing and no genuine business activity. These entities were allegedly used to layer transactions, making it difficult to trace the ultimate beneficiaries and concealing the diversion of funds.
The probe concerns an alleged banking fraud exceeding ₹40,000 crore, with investigators estimating that over ₹11,000 crore turned into non-performing assets and was subsequently diverted.
ED Attachments and Group Response
So far, the ED has attached assets worth between ₹15,000 crore and ₹17,000 crore across multiple cases linked to the group. These include high-value properties, bank balances and other financial holdings identified as proceeds of crime. Among the attached assets is a premium residential property in Mumbai valued at over ₹3,600 crore.
In March, the agency also provisionally attached 31 immovable properties worth ₹581.65 crore across several states, including Maharashtra, Tamil Nadu, Uttar Pradesh, Delhi and Karnataka. The case has seen coordinated action between the ED and CBI. Jhunjhunwala had earlier been questioned by the CBI for more than three days in March, while investigators have also questioned Anil Ambani at least twice in connection with money laundering cases, with his statements most recently recorded on 26 February 2026.
In a regulatory filing, the Reliance ADA group stated that Jhunjhunwala left the group in September 2019 and has had no association with it since then. The filing also said Amit Bapna exited the group in December 2019. A spokesperson for Anil Ambani said Jhunjhunwala is currently operating as a fund manager with business interests in Dubai and Singapore. With Jhunjhunwala set to be produced before a Mumbai court, the case is expected to see further legal and investigative developments in the coming days.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
