CBI arrests RCom Group MD Jhunjhunwala in ₹6,015 crore bank fraud case
Synopsis
The CBI has arrested RCom's former Group MD Amitabh Jhunjhunwala in a ₹6,015 crore bank fraud, with 17 public sector banks exposed to a combined ₹19,694 crore. Coming days after a 16-accused chargesheet and with Supreme Court oversight, this case is shaping up as one of India's most consequential corporate fraud prosecutions.
Key Takeaways
CBI arrested Amitabh Jhunjhunwala , former Group MD of Reliance Communications , on 1 June 2026 in Mumbai.
An SBI -led consortium of 11 banks suffered a combined loss of ₹6,015 crore ; total exposure of 17 PSU banks stood at ₹19,694.33 crore .
The original FIR was filed on a complaint by SBI against Reliance Communications Limited and Anil D.
Ambani , citing a loss of ₹2,929.05 crore to the bank.
CBI filed its first chargesheet on 29 May 2026 against 16 accused , including five RCom executives and 10 bank officials.
Six additional FIRs have been registered against RCom, RHFL , RCFL , and RTL ; all cases are under Supreme Court oversight.
Jhunjhunwala was transferred from Tihar Jail, Delhi — where he was held in an ED case — and remanded to Arthur Road Jail, Mumbai .
The Central Bureau of Investigation (CBI) has arrested Amitabh Jhunjhunwala, former Group Managing Director of Reliance Communications (RCom) Group, in connection with an alleged bank fraud that caused a loss of over ₹6,015 crore to a State Bank of India (SBI)-led consortium of 11 banks. Jhunjhunwala was formally arrested on 1 June 2026 and remanded to judicial custody at Arthur Road Jail, Mumbai, according to a CBI statement.
Role of the Accused
According to the CBI, Jhunjhunwala was in control of critical functions including corporate finance, banking relations, and fund utilisation at RCom during the period in question. He reportedly coordinated directly with senior bank officials to secure loans and advances, and it is alleged that loan funds received from the consortium were managed or deployed at his direction by other RCom officials.
The CBI statement further alleged that Jhunjhunwala operated under instructions from the promoters of Reliance Communications Group. As the company failed to repay the borrowed amounts, the accounts were classified as non-performing assets (NPAs).
Scale of the Alleged Fraud
The CBI registered its first First Information Report (FIR) in this case on the basis of a complaint filed by SBI against Reliance Communications Limited and Anil D. Ambani, alleging a loss of ₹2,929.05 crore to the bank alone. The total exposure of the 17 public sector banks towards RCom amounted to ₹19,694.33 crore, according to the complaint.
The SBI-led consortium of 11 banks together suffered a combined loss of ₹6,015 crore. The CBI has also registered six additional FIRs against RCom and related entities — RHFL, RCFL, and RTL — based on complaints from various public sector banks and Life Insurance Corporation of India (LIC). Those cases remain under investigation and are being monitored by the Supreme Court.
Custody Transfer from Tihar to Mumbai
Jhunjhunwala was already in judicial custody at Tihar Jail, Delhi, in a separate case being investigated by the Enforcement Directorate (ED). The CBI obtained production warrants from the Special Judge, Mumbai, to transfer him for the present proceedings.
Jail authorities referred him to AIIMS, New Delhi, for a medical examination. A Medical Board at AIIMS declared him fit to travel, following which he was brought to Mumbai and produced before the court on 1 June 2026. His formal arrest was taken on record by the court, and he was subsequently remanded to judicial custody at Arthur Road Jail. His police custody petition is scheduled to be heard the following day.
Chargesheet and Broader Investigation
The CBI filed its first chargesheet in the RCom case on 29 May 2026, naming 16 accused — including the company itself, five senior RCom executives, and 10 bank officials. Jhunjhunwala's arrest marks a significant escalation in the probe, which has now expanded across multiple entities within the Reliance Communications ecosystem.
The case is among the largest bank fraud investigations currently under Supreme Court oversight, and further arrests or chargesheets cannot be ruled out as the investigation progresses.
Point of View
Yet the chargesheet focuses on executives. Bank fraud of this scale — ₹19,694 crore in total PSU exposure — rarely happens without systemic lapses in credit appraisal, and the inclusion of 10 bank officials in the chargesheet hints at that uncomfortable truth. Supreme Court monitoring adds pressure on the CBI to move beyond mid-level arrests. Whether the investigation reaches its named promoter, or settles at the executive tier, will define whether this case becomes a genuine deterrent or another incomplete reckoning.
NationPress
7 Aug 2026
Frequently Asked Questions
Why has the CBI arrested Amitabh Jhunjhunwala?
The CBI arrested Amitabh Jhunjhunwala on 1 June 2026 for his alleged role in causing a loss of over ₹6,015 crore to an SBI-led consortium of 11 banks through misutilisation of loan funds at Reliance Communications. As Group MD, he allegedly controlled corporate finance and banking operations and coordinated loan disbursements that were never repaid, turning the accounts into NPAs.
What is the total scale of the RCom bank fraud?
The total exposure of 17 public sector banks towards RCom amounted to ₹19,694.33 crore, according to the CBI complaint. The SBI-led consortium of 11 banks alone suffered a combined loss of ₹6,015 crore, while SBI's individual loss was cited as ₹2,929.05 crore.
Who else has been charged in the RCom fraud case?
The CBI's first chargesheet, filed on 29 May 2026, named 16 accused including Reliance Communications Limited, five senior RCom executives, and 10 bank officials. The original FIR also names Anil D. Ambani. Six additional FIRs have been registered against RCom and related entities RHFL, RCFL, and RTL.
Which court is overseeing the RCom fraud investigation?
The Supreme Court of India is monitoring the investigation of the multiple FIRs registered against RCom and its related entities. Jhunjhunwala's production warrant for transfer from Tihar Jail was obtained from the Special Judge in Mumbai.
Where is Amitabh Jhunjhunwala currently held?
Following his formal arrest on 1 June 2026, Jhunjhunwala was remanded to judicial custody at Arthur Road Jail in Mumbai. He was previously lodged at Tihar Jail in Delhi in a separate Enforcement Directorate case, and was declared medically fit to travel by an AIIMS Medical Board before being transferred.
