02 June,2026 12:01 PM IST | Mumbai | mid-day online correspondent
CBI arrests Rcom MD Amitabh Jhunjhunwala in alleged bank loan fraud case (File pic)
The Central Bureau of Investigation (CBI) has arrested Amitabh Jhunjhunwala, a senior executive of the Reliance Communications (RCom) Group. As per ANI, the arrests have been made in connection with an alleged bank loan fraud case involving the diversion and misuse of funds.
According to officials, Jhunjhunwala served as the Group Managing Director of the Reliance Communications Group and was responsible for overseeing key functions, including corporate finance, banking operations, and the utilisation of funds.
Federal investigation agencies allege that Jhunjhunwala played a pivotal role in coordinating with senior officials of various banks to secure loans and advances for companies within the RCom Group, as per ANI.
The CBI has alleged that Jhunjhunwala was instrumental in obtaining loans from multiple banks and was involved in the management and utilisation of the funds disbursed by these financial institutions.
Based on directions issued by Jhunjhunwala, other officials within the Reliance Communications Group allegedly handled the deployment of the loan proceeds.
Investigators claim that the funds were not utilised for their intended purposes, leading to the diversion and misuse of bank loans. As a result, the lending banks reportedly suffered substantial wrongful losses. The failure of the group companies to repay the borrowed amounts subsequently led to the loan accounts being classified as Non-Performing Assets (NPAs), as per ANI.
CBI further alleged that the accused, who has been arrested, acted under the instructions of the promoters and directors of the Reliance Communications Group companies while carrying out these activities.
Amitabh Jhunjhunwala's arrest marks a significant development in the ongoing investigation into the alleged financial irregularities involving Reliance Communications and its dealings with a consortium of lending banks.
Considering the magnitude of the bank loan fraud that also involves Anil Ambani, the CBI is further examining the flow of funds, the role of company executives, and the circumstances under which the loans were sanctioned and utilised.
Earlier in March, the Central Bureau of Investigation (CBI) had reportedly conducted searches in Mumbai in connection with the Anil Ambani-Reliance Telecom SBI fraud case, reported the IANS.
The CBI has registered a case against Reliance Telecom Ltd and its former directors, Satish Seth and Gautam B Doshi, in connection with an alleged bank fraud of Rs 114.98 crore involving the State Bank of India (SBI).
(With inputs from ANI)
