In a significant development in the alleged bank loan fraud involving companies linked to the Anil Dhirubhai Ambani group (ADAG), a court has ordered the production of former senior executive Amitabh Jhunjhunwala before a Mumbai court in connection with a case registered by central bureau of investigation (CBI).
The Rouse Avenue court allowed an application filed by CBI, following which a Mumbai court issued a transit production warrant directing that Mr Jhunjhunwala be produced on 29 April 2026.
Mr Jhunjhunwala, who was recently arrested by the directorate of enforcement (ED) 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 (RHFL) and Reliance Commercial Finance Ltd (RCFL), with investigators alleging the use of shell or dummy companies to divert funds.
The CBI case is part of a wider probe into alleged financial irregularities involving Reliance Communications Ltd (RCom) and other ADAG-linked entities.
Last week, ED arrested Mr Jhunjhunwala under provisions of the Prevention of Money Laundering Act (PMLA) 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 (CFO) and chief operating officer (COO) of Reliance Capital Ltd, in connection with the same investigation.
According to investigators, Mr Jhunjhunwala played a key role in 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 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 pertains to an alleged banking fraud exceeding ₹40,000 crore, with investigators estimating that over ₹11,000 crore turned into non-performing assets (NPAs) and were subsequently diverted.
So far, 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 ED and CBI. Mr Jhunjhunwala had earlier been questioned by CBI for more than three days in March.
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 Mr Jhunjhunwala left the group in September 2019 and has had no association with it since then. Similarly, Amit Bapna exited the group in December 2019.
A spokesperson for Anil Ambani says Mr Jhunjhunwala is currently operating as a fund manager with business interests in Dubai and Singapore.
With Mr Jhunjhunwala set to be produced before a Mumbai court, the case is expected to see further legal and investigative developments in the coming days.
Anil Ambani’s Empire: Aides in Tihar, Appeal to the FM; Will It Work This Time?
Sucheta Dalal,
30 April 2026
The arrests of Amitabh Jhunjhunwala and Amit Bapna, two of Anil Ambani’s closest aides, mark the sharpest escalation yet in the multi-agency investigation into an alleged ₹40,000-crore banking fraud and money-laundering case. But do...
Mumbai Flat to Khandala Farmhouse: ED Attaches Anil Ambani-linked Assets Worth ₹3,034 Crore
Moneylife Digital Team
28 April 2026
The directorate of enforcement (ED) has provisionally attached assets worth ₹3,034.90 crore in connection with an alleged bank fraud involving Reliance Communications Ltd (RCOM), marking a significant escalation in its investigation...
Rose Valley Scam: ED Returns ₹127.69 Crore to Over 1.73 Lakh Investors
Moneylife Digital Team
27 April 2026
The directorate of enforcement (ED) has disbursed ₹127.69 crore to 173,350 victims of the Rose Valley group scam as part of its ongoing restitution process, marking a significant step in one of eastern India’s largest chit fund fraud...
CBI Arrests Tis Hazari Court Reader in ₹30,000 Bribe Demand Case
Moneylife Digital Team
24 April 2026
Central bureau of investigation (CBI) has arrested a reader posted with the additional sessions judge (ASJ-02) at Tis Hazari Courts in Delhi for allegedly demanding and accepting a bribe from a complainant to facilitate a bail...
The journey from sea facing 5 bedroom NCPA apartments to Byculla was never so far with a long stopover at Delhi. Now that it has occurred, Jhunjhunwala is likely to enjoy an extended holiday, while he came for a short but significant fund raising and disbursal trip less than 10 months back, days before the country’s Vice President resigned suddenly due to health reasons.
Does he still retain his influence in the power circles of Mumbai, the tenure of his extended stay at byculla will reveal. Though his protege and minor partner remains safe so far in the same city, on the other end of marine drive.
For now he enjoys a pedic mattress and home cooked meals at Tihar, courtesy a close friend in Delhi, who happens to be a stock broker too and partners the capital of the TAJ. While AJ focuses on offshore capital in Dubai and Singapore. Did actor Sanjay Dutt enjoy such privileges too by any Quantum.
His submission opposing to be sent to Mumbai for CBI interrogation claims : “there is a threat to life of Tihar inmate Amitabh Jhunjhunwala”. His submission contends “the promoter and the group wield significant influence in the state of Maharashtra”.
If anyone has to read his submission, he alleges Anil Ambani, who wields significant power in Maharashtra (and Mumbai) might be a threat to his life.. pointing a finger at his master for 30 years, Anil Ambani. Further claiming “as such it would be hazardous to produce Amitabh Jhunjhunwala before Spl Judge, city civil and sessions court, Mumbai”
What does Amitabh Jhunjhunwala know about this unknown face of Anil Ambani, for which he fears Anil Ambani is a threat to his life ??
The same man had a 56 inch smile on his face when Rouse Ave court sent him to a 5 day ED remand, 15 days back. What changed for Amitabh Jhunjhunwala in a matter of 2 weeks.. ED not agreeing to his offer to become a prosecution witness / approver, in exchange of an unconditional pardon from all current and future cases ? A blanket immunity to Jhunjhunwala would have been a mockery of the Indian law and justice machinery.