A Delhi court on Saturday extended the judicial custody of two former senior executives of Anil Ambani-led Reliance Group – Amitabh Jhunjhunwala and Amit Bapna – till May 15. This case pertains to the money laundering case related to Reliance Home Finance Limited (RHFL).
The special PMLA judge of the Rouse Avenue court allowed the extension of the detention period while accepting the plea of the Enforcement Directorate (ED) for custodial interrogation.
Jhunjhunwala and Bapna were produced in the court after their judicial custody ended. Jhunjhunwala was introduced through video conferencing due to ill health. The court directed the jail administration to give his health report.
Jhunjhunwala and Bapna, who are considered close to Anil Ambani, were arrested by the ED in the ongoing investigation under the Prevention of Money Laundering Act (PMLA). This investigation was started on the basis of cases registered by the Central Bureau of Investigation (CBI).
The case pertains to alleged financial irregularities in companies like Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), in which both are suspected to have a role.
According to sources, Jhunjhunwala has previously been the Group Managing Director of Reliance Group and Vice Chairman and Director of Reliance Capital, and at that time he had a key role in major decisions of the company.
At the same time, Bapna has been the Chief Financial Officer of Reliance Capital and Director of RHFL, and he is also accused of being involved in the financial decisions under investigation.
ED arrested both of them when investigation revealed that they may be involved in misappropriation and diversion of bank loan money (money laundering).
Earlier, CBI had registered a case against Reliance Communications (RCom), Anil Ambani and others. It is alleged that this caused a loss of Rs 3,750 crore to Life Insurance Corporation of India (LIC).
Anil Ambani has also been questioned earlier in this matter.
Meanwhile, Anil Ambani-led Reliance Group has said that Jhunjhunwala and Bapna are no longer associated with the company and are not currently working in any group company.
According to the group statement, Jhunjhunwala left the company in December 2019 and Bapna in September 2019, and they no longer have any association with any of the companies, including Reliance Infrastructure Ltd and Reliance Power Ltd.
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