CBI Held Former-RCom Group MD Amitabh Jhunjhunwala in Rs 2,929 Crore Bank Loan Fraud Case

On June 02, 2026 (Monday), the Central Bureau of Investigation (CBI) apprehended Amitabh Jhunjhunwala, former Group Managing Director of Reliance Communications (RCom), in a Rs 2,929 crore bank loan fraud case.

According to the reports, he allegedly misused the Rs 1,200-crore term loan approved by the State Bank of India (SBI), the Rs 500 crore Letter of Credit facilities sanctioned by Bank of Maharashtra, and the Rs 350 crore Letter of Credit facilities sanctioned by the erstwhile Syndicate Bank, leading to significant loss to the government.

The spokesperson of the CBI had said in a statement that, “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. His police custody petition will be taken up tomorrow (Tuesday).”

Further, he said, “He was the Group Managing Director of Reliance Communications group and was controlling important functions like corporate finance, banking, utilisation of funds, etc.” According to the reports of the investigation agency, the accused had performed the fraud by initially coordinating the senior officials of SBI for securing loans and advances on behalf of the company.

An investigation was being conducted by the Enforcement Directorate (ED) in connection with Jhunjhunwala’s case, for which he was also kept in Delhi’s Tihar Jail. Thereafter, CBI took him to Mumbai for further proceedings after the issuance of production warrants by a special court. The Jhunjhunwala will be produced before the special CBI court for his remand hearing today (June 02, 2026).

Last week, a chargesheet was filed by the CBI in connection with the present case against 15 accused (five senior executives of the accused company and ten bank officials from State Bank of India, Bank of Maharashtra, and Erstwhile Syndicate Bank), along with Reliance Communications (RCom).