Mumbai, September 29, 2026: The special CBI court has granted bail to Amitabh Jhunjhunwala, former Group MD of Reliance Communications, in connection with the case lodged by CBI on the complaint of SBI for alleged loan fraud. He has been granted bail on medical grounds.
CBI Alleges Loan Fraud
The CBI registered a case against Reliance Communications and its directors on a complaint by State Bank of India (SBI), alleging that despite sanctioning credit facilities, the bank suffered a wrongful loss of about Rs 2,929.05 crore due to fraudulent activities by borrowers.
CBI had arrested Jhunjhunwala on June 1. His lawyers Aabad Ponda, Mudit Jain, Rahul Agarwal and Jasmin Purani had referred to the order passed by the Delhi High Court granting bail to Jhunjhunwala after considering his health conditions.
Defence Cites Professional Record
Besides, it was contended that he has not committed any offence as alleged by the CBI. It is a contention of the applicant that the applicant is a senior citizen aged about 70 years and was a Chartered Accountant having an unblemished professional record of five decades.
The applicant was only a Non-Executive Vice Chairman of Reliance Capital Ltd., which is a holding company or associate company of RCOM, the defence had argued.
The plea was opposed by CBI prosecutor J.K. Sharma on the ground that a huge financial crime has been committed by the accused persons and thereby causing wrongful loss of huge public money.
The applicant worked as Group Managing Director of RADAG along with accused Vishwanath Devraja Rao, Joint President, and enjoyed substantial control over the affairs of the companies of the Group.
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Bail Granted On Medical Grounds
The court, however, granted him bail only on medical grounds. The court said, “looking at the fact that the applicant was released on bail by Delhi High Court on medical grounds and therefore in the present offence also the applicant needs to be released on the medical grounds.”
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