The Enforcement Directorate (ED) arrested two former Reliance Group executives, Amitabh Jhunjhunwala and Amit Bapna, on April 15, 2026, in an investigation into alleged loan-fund diversion and money laundering involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). The arrests are allegations under investigation, not findings of guilt.
Who was arrested and what is alleged?
The New Indian Express reported that Jhunjhunwala had served as vice-chairman and director of Reliance Capital, while Bapna had been a director of RHFL. A court-custody report described Bapna as Reliance Capital’s former chief financial officer. These are reported former roles, not current positions.
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According to the ED’s case as described in The Indian Express’s April 16, 2026 custody report, loans advanced by RHFL and RCFL were routed through interconnected entities, some allegedly shell or dummy companies. The ED alleged that about 90 per cent of the corporate loans in the case had gone to shell companies controlled by the Reliance Anil Ambani Group, across 98 loan accounts associated with 45 entities. The report put the alleged proceeds of crime at more than ₹6,200 crore.
These are investigative allegations, not a final court accounting of proven losses. In its April 16 custody order, Special Judge Hasan Anzar said that about ₹11,500 crore in funds still needed to be traced, as quoted by The Indian Express. The judge also said: “The case is at a very initial stage and the exact role of each and every person has to be determined whether accused persons had acted in concert with each other.”
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How the related proceedings differ
Several investigations involving companies associated with Anil Ambani’s group have been reported. They concern different companies, lenders, alleged conduct and procedural steps, so their figures should not be combined as if they describe one case.
| Proceeding | Company and alleged conduct | Reported figure | Procedural position described |
|---|---|---|---|
| ED arrests, April 15, 2026 | RHFL and RCFL; alleged loan diversion through interconnected or shell entities | ED’s reported allegation: about 90 per cent of corporate loans, across 98 accounts of 45 entities; alleged proceeds above ₹6,200 crore. The court’s recorded account said about ₹11,500 crore still needed tracing. | Two former executives arrested under the Prevention of Money Laundering Act (PMLA); the court authorized five days of ED custody in the April 16 report. |
| CBI complaint concerning RCOM, February 26, 2026 | Reliance Communications (RCOM); Bank of Baroda’s complaint alleged diversion and misuse of loan funds through fictitious related-party transactions | CBI described the complaint as alleging more than ₹2,220 crore in loss. | CBI said the account had been declared a non-performing asset in 2017 and its investigation was continuing. |
| ED attachment concerning RCOM, April 28, 2026 | RCOM bank-fraud case; provisional measure to prevent assets from being dissipated | ED announced a provisional attachment valued at ₹3,034.90 crore and said total group attachments exceeded ₹19,344 crore. | An attachment under PMLA section 5 is a provisional asset-preservation measure, not a final finding of criminal liability. |
| CBI proceeding involving Jhunjhunwala, reported June 2, 2026 | A separate CBI probe into alleged misuse of a nearly ₹2,000 crore term loan and letters of credit from three banks | The report described the loan and letters of credit as nearly ₹2,000 crore; it did not state a final loss figure. | A special court permitted the CBI formally to arrest Jhunjhunwala in its probe. The Indian Express reported that he had not been named in the charge-sheet in that specified case at that time and that the investigation into him was ongoing. |
What the wider ED figures do—and do not—mean
In a December 5, 2025 release about its wider Reliance Anil Ambani Group investigations, the ED said group companies had ₹40,185 crore outstanding on loans. It alleged diversions of more than ₹13,600 crore for loan evergreening, more than ₹12,600 crore to connected parties, and more than ₹1,800 crore into fixed deposits or mutual funds that were later substantially liquidated and rerouted.
Those figures describe the ED’s wider group investigation. They are not a proven loss total or a final quantified finding in the April 2026 RHFL and RCFL arrest case. Outstanding loans, alleged diversions, alleged proceeds of crime and provisional attachments are different categories of figures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about the case’s status
The April 2026 arrests and custody order concerned the ED’s RHFL and RCFL investigation. The June 2 report about Jhunjhunwala concerned a separate CBI probe; permission for the CBI to arrest him in that matter does not establish guilt or mean he had been charge-sheeted in the specified case.
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The available reporting does not establish the executives’ pleas, a final trial outcome or a later final disposition. No detailed, attributable defense statement from either executive was reported in the cited coverage. The allegations should therefore be described as allegations unless and until determined by a court.
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