New Delhi, April 16 (NationPress) A Delhi court has ordered the custody of two former high-ranking officials from the Reliance Group, led by Anil Ambani, — Amitabh Jhunjhunwala and Amit Bapna — for a duration of five days under the Enforcement Directorate (ED) as part of an investigation into alleged money laundering associated with a purported bank loan fraud case.

The Special Judge at the PMLA court located at Rouse Avenue has permitted the ED’s request for custodial interrogation, allowing the two individuals to be held by the agency, despite the ED initially seeking a seven-day remand.

Jhunjhunwala and Bapna, who are recognized as close confidants of industrialist Anil Ambani, were taken into custody by the ED amid an active investigation under the Prevention of Money Laundering Act (PMLA). This action was initiated following multiple Enforcement Case Information Reports (ECIRs) that originated from complaints filed by the Central Bureau of Investigation (CBI), sources have indicated.

This case centers on alleged financial misconduct involving group entities, particularly Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), where both individuals are believed to have played significant roles during their respective tenures.

Jhunjhunwala, previously serving as the Group Managing Director of the Reliance Group and holding the positions of Vice Chairman and Director at Reliance Capital Ltd, is accused of being a principal decision-maker in the operations of RHFL and RCFL during the relevant time frame, according to insider reports.

Similarly, Bapna, who held the title of Chief Financial Officer at Reliance Capital Limited and was also a Director at RHFL, is alleged to have been involved in the financial decisions currently under investigation.

Sources reveal that the ED's decision to arrest the two stems from their suspected involvement in the laundering of illicit funds related to the alleged misappropriation and diversion of bank loan resources.

Earlier this month, the CBI initiated an inquiry against Reliance Communications Ltd (RCom), Anil Ambani, and other unidentified public officials for allegedly causing a wrongful loss of Rs 3,750 crore to the Life Insurance Corporation (LIC) of India.

The CBI claims that LIC was allegedly persuaded to invest Rs 4,500 crore in non-convertible debentures based on purported misrepresentations regarding the company's financial standing and the security provided for such investments.

The agency has also been examining other bank fraud incidents associated with Reliance Group entities, including an alleged Rs 2,929.05 crore fraud linked to the State Bank of India (SBI).

Previously, Anil Ambani was questioned by the CBI in relation to this matter.

Meanwhile, the Reliance Group, under Anil Ambani's leadership, clarified on Thursday that both Jhunjhunwala and Bapna are no longer affiliated with the group and are not currently employed by any of its subsidiaries.

In a public statement, the Anil Dhirubhai Ambani Group affirmed that Jhunjhunwala departed in December 2019, while Bapna left in September 2019, emphasizing that neither holds any present connection with group companies, including Reliance Infrastructure Limited and Reliance Power Limited.