Former Reliance Communications (RCom) Group Managing Director Amitabh Jhunjhunwala has been lodged in Mumbai’s Arthur Road Jail following his arrest by the Central Bureau of Investigation (CBI) in connection with a multi-crore bank loan fraud case. The arrest took place after a Mumbai court granted permission to the CBI on Monday. Jhunjhunwala was previously in judicial custody at Delhi’s Tihar Jail for a related money laundering case being investigated by the Enforcement Directorate (ED). Due to his late-night transit from Delhi, the court initially remanded him to judicial custody, with the CBI’s plea for police custody scheduled for a later hearing.
As the group managing director of the Anil Ambani-led RCom, Jhunjhunwala oversaw critical operations, including corporate finance, banking interactions, and the utilization of funds. The CBI alleges that loan amounts received from various banks were managed and diverted by other RCom officials under Jhunjhunwala’s direct instructions. The probe agency stated that this extensive misutilization of funds resulted in wrongful, massive financial losses for the lending banks.
While the CBI recently filed a comprehensive chargesheet against 16 individuals and entities—including Reliance Communications, five senior company executives, and 10 bank officials—Jhunjhunwala was not formally named in this specific document. However, officials emphasized that the investigation into his specific role remains active and ongoing, leading to his latest transfer and detention in Mumbai.
