Daijiworld Media Network - New Delhi
New Delhi, Apr 15: The Enforcement Directorate (ED) has arrested Amitabh Jhunjhunwala and Amit Bafna, key associates of industrialist Anil Ambani, as part of an ongoing money laundering investigation under the Prevention of Money Laundering Act (PMLA), sources said.
The arrests stem from multiple Enforcement Case Information Reports (ECIRs) registered on the basis of cases filed by the Central Bureau of Investigation (CBI).
Jhunjhunwala, a former director of Reliance Capital Limited, is alleged to have played a significant role in decision-making within group entities, including Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
Earlier this month, the CBI registered a case against Reliance Communications (RCom), Anil Ambani, and others over allegations of causing a wrongful loss of Rs 3,750 crore to the Life Insurance Corporation of India (LIC).
According to officials, the ????? relates to an LIC complaint alleging that it was misled into investing ?4,500 crore in non-convertible debentures (NCDs) issued by RCom. The ???? include conspiracy, cheating, misappropriation, and violations under the Prevention of Corruption Act.
Investigators claim that LIC was induced to make the investment based on allegedly false representations about the company’s financial position, as well as assurances regarding security and asset backing.
The CBI is continuing its probe, having already registered multiple cases against RCom and its officials over alleged fraud involving several banks. Anil Ambani was previously questioned by the agency in connection with a separate Rs 2,929 crore fraud case linked to the State Bank of India.
Meanwhile, the Supreme Court of India has underscored the need for a coordinated and time-bound investigation into the alleged large-scale financial irregularities involving RCom and its group entities. A bench led by Chief Justice Surya Kant emphasized that agencies like the ED and CBI must work together to ensure a transparent and independent probe.
The investigation remains ongoing, with authorities focusing on uncovering the full extent of the alleged financial misconduct.