The Enforcement Directorate has arrested former Reliance ADAG executives Amitabh Jhunjhunwala and Amit Bapna in connection with an ongoing money laundering investigation linked to entities of the Anil Ambani group. The arrests were made late on Wednesday as part of a broader probe into alleged financial irregularities involving companies such as Reliance Home Finance and Reliance Commercial Finance.
According to official sources, Amitabh Jhunjhunwala was taken into custody in Mumbai and later produced before a special court. The Enforcement Directorate sought his remand to continue questioning and further investigate the financial transactions under scrutiny. Jhunjhunwala had previously served as the vice chairman of Reliance Capital Ltd, which held stakes in the entities currently being examined.
Amit Bapna, who was also arrested in connection with the case, had held key positions as Chief Financial Officer and Chief Operating Officer of Reliance Capital between 2008 and 2020. His role in financial operations during that period is believed to be under investigation as part of the agency’s inquiry into alleged money laundering activities.
The investigation focuses on financial dealings and transactions associated with companies linked to the Anil Ambani led Reliance ADAG group. Authorities are examining whether there were any irregularities in fund movements, loan disbursements, or related financial practices that may have violated legal provisions.
A spokesperson for Anil Ambani clarified that Amitabh Jhunjhunwala is no longer associated with the Reliance ADAG group. The spokesperson also noted that Jhunjhunwala currently works as a fund manager with operations in Dubai and Singapore, indicating that his professional activities have moved beyond his earlier association with the group.
Jhunjhunwala has had a long association with the Reliance group, having been part of the unified Reliance structure before its demerger. He was associated with Reliance Industries Ltd for over two decades before moving into roles within the Anil Ambani group after the split.
The Enforcement Directorate’s action is part of its ongoing efforts to investigate suspected financial misconduct under the Prevention of Money Laundering Act. The agency has been conducting searches, examining documents, and questioning individuals linked to the case as it seeks to establish the nature and extent of alleged violations.
Legal proceedings in the case are expected to continue, with the court reviewing the agency’s request for custody and further investigation. The arrests mark a significant development in the probe and highlight the increasing scrutiny of financial practices within large corporate groups.
Experts note that such investigations often involve detailed examination of financial records and corporate transactions, which can take considerable time to complete. The outcome of the case will depend on the evidence presented and the findings of the investigating authorities.
The developments have drawn attention from financial and legal observers, given the prominence of the individuals involved and their past roles in major corporate entities. Further updates are expected as the investigation progresses and more details emerge.