The Enforcement Directorate has filed a charge sheet against 52 individuals in a money laundering and bank fraud case linked to Reliance Home Finance Limited and Reliance Commercial Finance Limited, alleging that the proceeds of crime in the case amount to about ₹11,600 crore. Amitabh Jhunjhunwala and Amit Bapna are among the key accused named in the prosecution complaint.
The agency has alleged that the case involved diversion of public funds through a network of shell and paper companies. According to the ED, corporate loans disbursed by RHFL and RCFL were routed to entities with little or questionable business activity and later diverted to related group companies or connected interests.
Funds Allegedly Routed Through Shell Companies
The charge sheet states that several loan transactions were not used for genuine business purposes. Instead, funds were allegedly moved through multiple entities in a layered manner to conceal their origin, movement and final destination.
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The ED has described the alleged arrangement as a “pre-planned and organized scheme”. Investigators claim that banking records and email communications collected during the probe show that a significant portion of corporate loans issued through RHFL and RCFL was transferred to shell entities.
These companies were allegedly used to carry out further financial transactions, making it difficult to track the original money trail. The agency has claimed that this layering mechanism helped hide the actual end use of borrowed funds.
Jhunjhunwala, Bapna Among Key Accused
Amitabh Jhunjhunwala, who has been arrested in connection with the case, has been described by the ED as a central decision-maker involved in the financial operations of the group. The agency has alleged that he played a role in loan approvals, fund movement and asset monitoring.
Amit Bapna has been accused of facilitating fund routing through shell companies. The ED’s case suggests that senior individuals within the system allegedly exercised control over key decisions related to loan disbursement and financial monitoring.
With the filing of the charge sheet, the legal proceedings in the case are expected to move forward. The agency had earlier detained several individuals for questioning, and the matter is now likely to proceed toward trial in the next stages.
Digital Evidence and Banking Records Under Scrutiny
The ED has told the court that it has reconstructed the money trail using digital evidence, banking transaction records and communications gathered during the investigation. Officials believe these records form a key part of the prosecution case.
The probe has raised concerns over corporate lending practices, monitoring mechanisms in the banking sector and the alleged misuse of shell company networks. Investigators are continuing to examine the financial structure behind the transactions.
Officials have not ruled out the possibility of more names being added as the investigation progresses. The agency is expected to continue its scrutiny of fund movement, related entities and individuals allegedly involved in facilitating the diversion of public money.
