The Enforcement Directorate has arrested Amitabh Jhunjhunwala and Amit Bapna in connection with a money laundering investigation linked to alleged loan fraud involving Reliance Home Finance Ltd and Reliance Commercial Finance Ltd.
The case is being investigated under the Prevention of Money Laundering Act and stems from multiple FIRs earlier registered by the Central Bureau of Investigation over alleged financial irregularities and diversion of bank funds involving companies of the Anil Ambani-led Reliance Group.
Who Has Been Arrested
Amitabh Jhunjhunwala, a former senior executive and close aide of Anil Ambani, had previously been under the scrutiny 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 is the former group managing director of Reliance Anil Ambani Group and vice chairman of Reliance Capital. Amit Bapna was a former top executive of Reliance Finance.
FCRF Returns With CDPO, Its Premier Data Protection Certification for Privacy Professionals
How the Case Was Built
The ED filed the money laundering case last July on the basis of multiple CBI FIRs. Those FIRs were registered under provisions relating to criminal conspiracy, cheating and the Prevention of Corruption Act. According to the screenshots, the CBI case against Reliance Commercial Finance Ltd and Reliance Home Finance Ltd was based on complaints filed by Yes Bank, Union Bank of India and Bank of Maharashtra.
The ED earlier stated that RHFL and RCFL had raised public funds from multiple banks and financial institutions, and that more than Rs 11,000 crore of those public funds turned into non-performing assets. The agency has also alleged that public funds raised by RHFL and RCFL were diverted to various Reliance Group companies, including Reliance Infrastructure Limited, Reliance Power Limited, Reliance Communications Limited and Reliance Capital Limited, through a large number of shell or dummy entities.
Scale of Allegations and Attached Assets
The ED’s investigation has alleged laundering of over Rs 40,000 crore by Anil Ambani group companies. The agency has attached assets worth Rs 17,000 crore, including Anil Ambani’s residence, identified as “Abode”, valued at Rs 3,700 crore. Both the CBI and the ED have questioned Anil Ambani repeatedly, while he has maintained that he resigned from the company’s board of directors in 2017.
The ED has said its probe revealed what it described as mala fide intent on the part of group promoters and key persons, and that it had uncovered the modus operandi for siphoning off public funds through various entities and group constituents.
Referring to a provisional attachment order dated March 11, 2026, the agency said the attached assets represented the value of the proceeds of crime. The ED has said it is actively pursuing perpetrators of financial crimes and remains committed to restitution of proceeds of crime to rightful claimants.
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.
