ED Nabs Anil Ambani Group's Former Top Executives In Money Laundering Case

(MENAFN- Live Mint) The Enforcement Directorate on Wednesday arrested Amitabh Jhunjhunwala and Amit Bapna, former top executives of the Anil Dhirubhai Ambani Group (ADAG), in connection with a money laundering case linked to an alleged bank loan fraud, officials said.

The two were taken into custody under the Prevention of Money Laundering Act (PMLA) after questioning. The agency produced them before a court seeking their custody for detailed interrogation, they said.

Jhunjhunwala was a vice chairman and director of Reliance Capital Ltd, the parent company of RHFL and RCFL. He is considered a close aide of Ambani. Meanwhile Bapna served as a director of RHFL.

The probe pertains to an alleged bank loan fraud worth crores of rupees perpetrated through Anil Ambani group companies like Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RHFL) using shell or dummy companies.

Fresh case against Anil Ambani

Earlier this month, the CBI registered a fresh case against industrialist Anil Ambani and Reliance Communications Ltd for allegedly causing a loss of ₹3,750 crore to Life Insurance Corporation (LIC) of India, officials said.

The CBI has filed the case for the alleged offences of conspiracy, cheating and misappropriation and under the provisions of the Prevention of Corruption Act on a complaint from the LIC, making it the fourth case against the company and Anil Ambani, they said.

The agency has alleged that LIC was fraudulently induced to subscribe to Non Convertible Debentures (NCDs) worth Rs. 4500 crore between 2009 and 2012 on the basis of false representations made by Reliance Communications Ltd. and its management regarding the financial health of the company, and security and asset cover offered to LIC while subscribing to the NCDs.

The insurer suffered a loss of over ₹3,750 crore and ordered a forensic audit against the company.

(More details awaited)

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