Delhi Court Sends Anil Ambani’s Former Aides to ED Custody in Loan Fraud Case
A Delhi court has ordered five-day custody for Amitabh Jhunjhunwala and Amit Bapna, former top executives of the Reliance ADAG group, following their arrest by the Enforcement Directorate (ED). The investigation centers on an alleged multi-crore money laundering scheme involving the siphoning of funds from Reliance Home Finance Ltd and Reliance Commercial Finance Ltd. The ED alleges that approximately 90 percent of corporate loans were diverted to shell companies controlled by the Anil Ambani Group through a complex web of entities designed to mask transaction trails. This 'round-tripping' of funds is accused of cheating banks, shareholders, and investors. The fraud is part of a broader probe into banking irregularities totaling nearly Rs 40,000 crore, with proceeds of crime exceeding Rs 6,200 crore. Special Judge Hasan Anzar noted the need to trace the entire money trail of about Rs 11,500 crore and determine if other individuals were involved. The accused are scheduled to appear in court again on April 21 as investigators attempt to uncover the full extent of the alleged financial misconduct and recover illicit assets.
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Delhi Court Sends Anil Ambani’s Former Aides to ED Custody in Loan Fraud Case
A Delhi court has ordered five-day custody for Amitabh Jhunjhunwala and Amit Bapna, former top executives of the Reliance ADAG group, following their arrest by the Enforcement Directorate (ED). The investigation centers on an alleged multi-crore money laundering scheme involving the siphoning of funds from Reliance Home Finance Ltd and Reliance Commercial Finance Ltd. The ED alleges that approximately 90 percent of corporate loans were diverted to shell companies controlled by the Anil Ambani Group through a complex web of entities designed to mask transaction trails. This 'round-tripping' of funds is accused of cheating banks, shareholders, and investors. The fraud is part of a broader probe into banking irregularities totaling nearly Rs 40,000 crore, with proceeds of crime exceeding Rs 6,200 crore. Special Judge Hasan Anzar noted the need to trace the entire money trail of about Rs 11,500 crore and determine if other individuals were involved. The accused are scheduled to appear in court again on April 21 as investigators attempt to uncover the full extent of the alleged financial misconduct and recover illicit assets.
The Indian Express