The CBI on Monday arrested a former Group Managing Director of Reliance Communications, Amitabh Jhunjhunwala, in connection with the loss of Rs 2,929.05 crore caused to the State Bank of India by the company in alleged loan fraud, officials said.
Jhunjhunwala, who was already in judicial custody and lodged in Tihar Jail in the national capital in connection with an ongoing investigation by the Enforcement Directorate, was taken to Mumbai by the CBI after production warrants were issued by a special court there, they said.
He was produced before the court, following which the CBI formally arrested him.
"He was brought to Mumbai and produced before the court on June 01, 2026. After his production, the CBI effected his formal arrest, which was taken on record by the court. Thereafter, the accused was remanded to judicial custody in the RCom case of the CBI and sent to Arthur Road Jail.
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"His police custody petition will be taken up tomorrow (Tuesday)," the CBI Spokesperson said in a statement.
About his alleged role, the CBI said Jhunjhunwala was the Group Managing Director of Reliance Communications group and was controlling important functions like corporate finance, banking, utilisation of funds, etc.
"He coordinated with senior formations of the bank for loans and advances. Based on his directions, loan funds received from the banks were managed and utilised by other officials of the Rcom group. It is alleged that due to misutilisation of loan funds, the banks suffered wrongful losses," the agency Spokesperson said.
The agency had registered an FIR against Reliance Communications Limited and businessman Anil Ambani for allegedly causing a loss of Rs. 2,929.05 crore to the State Bank of India, which was one of the 11 banks that had sanctioned term loans to the company.
"The consortium of 11 banks, led by the State Bank of India, together suffered a loss of 6015 crore. According to the complaint, the total exposure towards RCom amounted to Rs. 19,694.33 crore involving 17 PSU Banks," the Spokesperson said
Jhunjhunwala was allegedly instrumental in getting loans from various banks that have become NPAs as the company did not pay the amounts back, the statement said.
"He was taking instructions from the promoters and directors of the Reliance Communications Group companies," the Spokesperson said.
The CBI has also registered six more FIRs against RCom, Reliance Home Finance Ltd, Reliance Commercial Finance Limited and RTL based on the complaints given by various public sector banks and LIC. The Supreme Court is monitoring the probe in all these cases.
The CBI had filed its first chargesheet in the RCom case on May 29, 2026, against 16 accused, including the company, five senior executives of RCom and 10 bank officials.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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