Last Updated on June 1, 2026 11:47 pm by INDIAN AWAAZ
Inder Vashisth
The Central Bureau of Investigation (CBI) has arrested Amitabh Jhunjhunwala, former Group Managing Director of Reliance Communications (RCom), in connection with the alleged multi-crore bank fraud case involving the Anil Ambani-led telecom company.
According to the agency, Jhunjhunwala played a key role in managing the group’s corporate finance and banking operations, including the utilization of funds obtained through loans from a consortium of banks. Investigators allege that he coordinated with senior bank officials to secure loans and oversaw the deployment of funds within the Reliance Communications group. The CBI claims that the diversion and alleged misuse of these funds resulted in substantial losses to lending institutions.
The case stems from a complaint filed by State Bank of India (SBI), which accused Reliance Communications and its promoter, Anil Ambani, of causing a loss of ₹2,929.05 crore to the bank. The telecom company had received term loans from a consortium of 11 banks led by SBI, with the total loss to the consortium estimated at around ₹6,015 crore. According to the complaint, the overall exposure of 17 public sector banks to RCom stood at ₹19,694.33 crore.
The CBI has also registered six additional cases against Reliance group entities, including RCom, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL) and Reliance Telecom Ltd (RTL), based on complaints from public sector banks and Life Insurance Corporation (LIC). These investigations are currently underway and are being monitored by the Supreme Court.
Jhunjhunwala was already lodged in Delhi’s Tihar Jail in connection with a separate Enforcement Directorate (ED) investigation. After obtaining production warrants from a Mumbai court, the CBI secured his custody. Following a medical examination at AIIMS Delhi, where he was declared fit to travel, he was brought to Mumbai and produced before a special court on June 1.
The court recorded his formal arrest in the RCom case and remanded him to judicial custody. He has since been sent to Mumbai’s Arthur Road Jail. The CBI’s plea seeking his police custody is scheduled to be heard on Tuesday.
The arrest comes just days after the agency filed its first chargesheet in the RCom fraud case on May 29, naming 16 accused, including the company, five former senior executives and ten bank officials. The CBI said it remains committed to conducting a comprehensive and expeditious investigation into the alleged banking fraud.
It may be recalled that CBI had filed its first chargesheet in the Rcom case on 29th May 2026 against 16 accused which included the company, 5 senior executives of RCom and 10 bank officials. CBI is committed to conducting expeditious and detailed investigation into these cases.