Crime
Former Reliance Executives Produced in Court as Group Denies Current Association
Reliance Group has clarified that Amitabh Jhunjhunwala and Amit Bapna, both arrested by the Enforcement Directorate (ED) in connection with a money laundering case linked to an alleged bank loan fraud, have not been associated with the Group since 2019.
In its statement, Reliance Group said Amitabh Jhunjhunwala left the company in September 2019 and had no connection with the Group thereafter, including with Reliance Infrastructure and Reliance Power. During his tenure, he served as Group Managing Director of Reliance Group and Vice Chairman and Director of Reliance Capital Limited.
The Group further stated that Amit Bapna exited in December 2019 and also had no association with the Group after that, including with Reliance Infrastructure and Reliance Power. He had served as Chief Financial Officer of Reliance Capital Limited and Director of Reliance Home Finance Limited.
The ED arrested Jhunjhunwala on Wednesday as part of its investigation into alleged financial irregularities tied to bank loan fraud. Jhunjhunwala and Bapna were produced before a judge and later brought to Delhi’s Rouse Avenue Court, where the ED sought seven days of custody for both accused.
