The Enforcement Directorate (ED) has filed Prosecution Complaint, commonly referred to as a charge sheet, in money laundering case linked to alleged bank loan fraud by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). Charge sheet names 55 accused persons and is scheduled to be placed before the concerned judge on July 1 for consideration. Among those named are two former senior executives of Anil Dhirubhai Ambani Group (ADAG), Amitabh Jhunjhunwala and Amit Bapna. They were arrested by the ED in April 2026.
The case is being investigated under Prevention of Money Laundering Act (PMLA), 2002.
Reliance Home Finance Bank Fraud money laundering case | The Enforcement Directorate filed a Prosecution Complaint (Charge sheet) against two former Reliance (ADAG) group companies senior executives Amitabh Jhunjhunwala and Amit Bapna and others.
They were arrested in April 2026…
— ANI (@ANI) June 12, 2026
Who are the key accused?
Amitabh Jhunjhunwala, former senior executive of the ADAG, was arrested in connection with an ongoing money laundering investigation linked to alleged banking fraud involving group entities such as RHFL and RCFL. He was produced before a special court in Mumbai, where the agency sought his custodial remand for further interrogation.
Jhunjhunwala previously served as the Group Managing Director of the Reliance Anil Ambani Group and was also Vice Chairman of Reliance Capital. Amit Bapna, meanwhile, held a senior leadership position at Reliance Finance.
Amitabh Jhunjhunwala served as Director of Reliance Capital Ltd, the parent company of RHFL and RCFL, from March 2003 to September 2019, and was Vice Chairman of Reliance Capital from March 2006 to September 2019.
Amit Bapna served as Chief Financial Officer and Chief Operating Officer of Reliance Capital Ltd between 2008 and 2020.
Both men left the Reliance group in late 2019. Reliance Group clarified in a statement that Jhunjhunwala had no association with the group after September 2019, and Bapna had no association after December 2019, including with Reliance Infrastructure Ltd and Reliance Power Ltd.
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The arrests and custody
The accused were arrested by the ED on April 15, 2026, and produced before the judge at his residence at midnight. The hearing went on till 5 AM the next morning. They were thereafter produced before the judge in the Rouse Avenue court.
The Rouse Avenue court extended the judicial custody of both Bapna and Jhunjhunwala until May 15. Special Judge Hasan Anzar ordered the extension after hearing submissions from the ED and defence counsel. Amit Bapna appeared physically in court following the expiration of his judicial custody, while Jhunjhunwala was produced via video conferencing owing to his medical condition. The court also directed jail authorities to provide a fresh medical report on Jhunjhunwala.
Jhunjhunwala’s counsel noted that he was experiencing pain from a fracture and requested periodic medical reports from jail authorities.
What the ED alleges
According to the ED, various loans, including General Purpose Corporate Loans, were disbursed in blatant disregard of Prudential Lending Norms. Instructions for the same were given by the management of the parent company of RHFL, Reliance Capital Ltd. Credit appraisal memos revealed that no field visit, personal due diligence, or analysis of the financial capacity of borrowers was carried out. The loan approval process was granted without involvement of a formal credit committee meeting, and signatures were subsequently obtained or procured.
The ED also contended that about 90 per cent of the corporate loan was disbursed to shell or paper companies operated and controlled by the Reliance Anil Ambani Group. Loans were advanced to 98 different loan accounts of 45 different entities.
Regarding RCFL, the ED’s investigation revealed that funds were diverted through 36 shell or paper companies, which were used as channels to divert and siphon off funds. The loan amount of Rs 7,408.70 crore was disbursed to 36 shell companies as corporate loans through 78 different loans, constituting about 82.96 per cent of the total amount disbursed.
The ED also contended that Jhunjhunwala took crucial decisions regarding the disbursement of funds from RHFL and RCFL to different shell and paper entities operated and controlled by the Reliance Anil Ambani Group. Electronic evidence in the form of emails was cited in support.
The ED alleges that Jhunjhunwala, in collusion with Amit Bapna and others, diverted funds from RHFL and RCFL under the pretext of corporate loans to entities controlled by the Reliance Anil Ambani Group.
Scale of the alleged fraud
According to the ED, RHFL and RCFL raised public funds from multiple banks and financial institutions, of which more than Rs 11,000 crore turned into non-performing assets. Investigation revealed that these funds were allegedly diverted to various group companies. Those included Reliance Infrastructure, Reliance Power, Reliance Communications, and Reliance Capital Limited, through several shell and dummy entities with negligible financial strength and no business operations.
The ED revealed that Reliance Home Finance defaulted on loans of around Rs 7,523.46 crore taken from 33 banks and financial institutions. Of these, lenders could recover only Rs 2,116.28 crore after the resolution, leaving net defaults of Rs 5,407.18 crore, constituting alleged proceeds of crime under the PMLA.
According to ED findings, companies within the Anil Ambani group allegedly laundered funds exceeding Rs 40,000 crore. So far, the agency has attached assets worth around Rs 17,000 crore, including a residential property valued at Rs 3,700 crore.
Origin of the money laundering case
The ED filed the money laundering case on the basis of multiple CBI FIRs. Those FIRs were registered under provisions relating to criminal conspiracy, cheating, Prevention of Corruption Act. CBI case against RCFL and RHFL was based on complaints filed by Yes Bank, Union Bank of India, Bank of Maharashtra.
Asset attachments
In March 2026, ED provisionally attached 31 immovable properties worth over Rs 581 crore in connection with RHFL and RCFL case. The attached properties are land parcels located in Goa, Kerala, Karnataka, Punjab, Tamil Nadu, Uttar Pradesh, Haryana, Jharkhand, Maharashtra, Delhi, West Bengal, Andhra Pradesh, and Rajasthan.
With the attachment, the cumulative value of assets attached by the ED in cases linked to the Reliance Anil Dhirubhai Ambani Group had reached Rs 16,310 crore.
Court observations
While granting custody, the court had observed that the case was at a very initial stage and that the exact role of each person needed to be determined, including whether the accused had acted in concert with each other. The court noted that the available material indicated an imminent possibility of involving other persons, and that the entire money trail of about Rs 11,500 crore needed to be traced so that proceeds of crime could be recovered.