Court allows CBI to arrest former Reliance ADAG executive Jhunjhunwala in bank fraud case

A Mumbai courtroom on Monday (June 1, 2026) allowed the Central Bureau of Investigation (CBI) to arrest Amitabh Jhunjhunwala, a former senior executive at industrialist Anil Ambani-led Reliance Group, in a case associated to alleged bank loans misuse.

Mr. Jhunjhunwala was produced earlier than particular CBI decide J.P. Darekar on a manufacturing warrant from New Delhi’s Tihar Central Jail, the place he was beneath judicial custody in a associated cash laundering case being probed by the Enforcement Directorate (ED).

Following his manufacturing, the CBI, represented by Particular Public Prosecutor (SPP) A Limosin, filed an utility looking for remand and permission to formally arrest the accused.

Advocates Reeti Upadhyay and Mudit Jain, showing for Jhunjhunwala, contended that as per the manufacturing warrant issued by a Delhi courtroom, the former executive of the Anil Dhirubhai Ambani Group (Reliance ADAG) was required to be produced earlier than the courtroom on June 5.

His look earlier than the courtroom prior to that date is unlawful, the defence argued.

After listening to arguments from either side, the Mumbai courtroom allowed the CBI’s utility to formally arrest the accused as per provisions of regulation.

Nevertheless, because the continuing continued past the working hours, the CBI advised the courtroom that they’ll produce the accused earlier than it on Tuesday after finishing arrest formalities.

In the intervening time, contemplating the “peculiar scenario” concerning the late hour and the accused’s journey distance from Delhi, the courtroom remanded Jhunjhunwala to judicial custody.

Mr. Jhunjhunwala, group Managing Director of the Reliance Communications group, was taking care of essential features like company finance, banking, utilization of funds, amongst others.

The CBI has claimed that primarily based on his instructions, mortgage funds obtained from banks have been managed/utilized by different officers of the RCom group. Due to misutilization of mortgage funds, the banks suffered wrongful losses, stated the probe company.

The CBI on Friday filed a chargesheet in the case towards 16 people/entities. Jhunjhunwala has not been named in the chargesheet filed in the particular courtroom, however the investigation towards him was ongoing.

The accused named in the chargesheet included Reliance Communications, 5 senior executives of the corporate and ten bank officers.

They have been charged with prison conspiracy, dishonest and prison misappropriation beneath the IPC, and prison misconduct beneath the Prevention of Corruption Act, the CBI stated in a press launch.

The chargesheet pertained to alleged misuse of a ₹1,200 crore time period mortgage sanctioned by the SBI, ₹500 crore letter of credit score services sanctioned by Bank of Maharashtra and ₹350 crore letter of credit score services sanctioned by Syndicate Bank, it stated.

Additional investigation has been stored open to probe different loans sanctioned by the consortium of banks and to confirm the position of different conspirators concerned in the alleged diversion and misappropriation of public funds, the CBI stated.

The central company registered the case on SBI’s grievance towards Reliance Communications and Anil Ambani for allegedly inflicting a lack of ₹2,929.05 crore to the bank.

“Rupee Time period Loans” have been sanctioned to Reliance Communications by a consortium of 11 banks led by the SBI. As per the FIR, the full publicity amounted to ₹19,694.33 crore and concerned 17 state-run banks.