New Delhi, April 16 (NationPress) The Reliance Group, led by Anil Ambani, announced on Thursday that Amitabh Jhunjhunwala and Amit Bapna, who previously held prominent roles within the organization, are no longer associated with the company.

Both individuals have been detained by the Enforcement Directorate as part of an ongoing money laundering investigation related to alleged banking fraud involving Reliance entities, including Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL).

According to Reliance, Jhunjhunwala exited the group in December 2019, while Bapna departed in September 2019, and neither has any current ties to group companies like Reliance Infrastructure Limited and Reliance Power Limited.

During his tenure, Jhunjhunwala was the Group Managing Director of Reliance and also served as Vice Chairman and Director of Reliance Capital Limited. Meanwhile, Bapna held the position of Chief Financial Officer at Reliance Capital Limited and was a Director at Reliance Home Finance Limited.

The Enforcement Directorate arrested both Jhunjhunwala and Bapna during an investigation under the Prevention of Money Laundering Act (PMLA), based on several Enforcement Case Information Reports (ECIRs) filed by the Central Bureau of Investigation (CBI), sources revealed.

As a Director at Reliance Capital Limited, Jhunjhunwala is accused of being a pivotal decision-maker in the operations of RHFL and RCFL during the relevant period, according to insider information.

Earlier this month, the CBI initiated a case against Reliance Communications Ltd (RCom), Anil Ambani, unidentified public officials, and other parties, alleging that they wrongfully caused a loss of Rs 3,750 crore to the Life Insurance Corporation (LIC) of India.

The case stemmed from a complaint lodged by LIC, citing charges of conspiracy, fraud, misappropriation, and violations under the Prevention of Corruption Act, as stated in an official release.

It is alleged that LIC was misled into subscribing to Non-Convertible Debentures (NCDs) valued at Rs 4,500 crore based on misleading claims made by Reliance Communications Ltd and its management regarding the company's financial stability and the security provided to LIC during the NCD subscription. The investigation is ongoing.

Previously, the CBI had opened three cases against RCom Ltd, Anil Ambani, and others, accusing them of defrauding various banks. Anil Ambani himself was interrogated by the CBI at its Delhi office for two consecutive days concerning the alleged Rs 2,929.05 crore fraud case involving the State Bank of India.

At the end of last month, the Supreme Court emphasized the necessity for a coordinated, equitable, and timely inquiry into substantial bank fraud allegations associated with Anil Ambani’s Reliance Communications (RCom) and its affiliates.

A bench led by Chief Justice of India (CJI) Surya Kant remarked that investigative bodies like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) must collaborate effectively to uncover the truth transparently and independently.