Mumbai, June 10, 2026: The Central Bureau of Investigation (CBI) has on Wednesday obtained custody of Amitabh Jhunjhunwala, former Managing Director of ADA (Anil Dhirubhai Ambani) Group, till June 12, for his alleged involvement in connection with a bank fraud case registered by CBI on the complaint of Bank of Maharashtra against M/s Reliance Commercial Finance Limited (RCFL) and its directors.
Complaint By Bank Of Maharashtra
The Bank of Maharashtra had in November 2025 written a letter of complaint to CBI after it suffered a loss of Rs 57.47 crore. The agency, on the basis of the complaint letter, registered a case against RCFL and its directors—Devang Pravin Mody and Ravindra Somayajula Rao.
CBI, in its plea seeking Jhunjhunwala's custody, alleged that RCFL is a company of the Anil Dhirubhai Ambani Group (ADA Group). It is alleged that RCFL is engaged in the business of financing commercial vehicles, SME loans, loans against property, infrastructure finance, construction finance, agriculture loans, and supply chain finance.
Allegations Of Misuse Of Loan Funds
CBI further alleged that RCFL was sanctioned a term loan of Rs 230 crore on November 2, 2014, by Bank of Maharashtra for onward lending to the commercial finance business. It is further alleged that RCFL was declared an NPA on March 25, 2020, due to a liquidity crunch.
Besides this, the agency also received a complaint letter from Punjab National Bank against M/s RCFL on December 1, 2025, after the bank suffered a loss of Rs 244.91 crore.
This complaint was later merged with the Bank of Maharashtra case for investigation as allegations therein were based on the same Forensic Audit Report submitted by M/s Grant Thornton in May 2020.
The agency alleged that it was found during investigation that the loan funds were disbursed to accounts maintained by RCFL in a private bank, and after pooling the funds from several public sector banks, the funds were transferred to various entities which were either group companies or indirectly linked entities of Reliance ADA Group. Employees of the group companies were appointed as directors.
Role Of Amitabh Jhunjhunwala
While seeking Jhunjhunwala's custody, the agency alleged that during the course of investigation, his role and complicity emerged. Jhunjhunwala, who was the Managing Director of ADA Group, was looking after corporate finance of the group at the relevant point of time.
The agency alleged that Jhunjhunwala was the main person who interacted and dealt with the Chief Executive Officers (CEOs), Chief Financial Officers (CFOs), directors, and Chief Risk Officers of M/s Reliance Capital Ltd / M/s Reliance Commercial Finance Ltd., and other senior executives of different companies of Reliance ADA Group.
It was also alleged that Jhunjhunwala, holding an authoritative position in the group, directed senior executives of Reliance ADA Group companies to sanction or approve loans to shell companies of Reliance ADA Group or interlinked entities, which the CBI claimed were in repeated violations of sanction terms and conditions of loans extended by public sector banks.
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Defence Arguments And Court Decision
The plea was opposed by Jhunjhunwala's lawyers, Mudit Jain and Jasmin Purani, who claimed that Jhunjhunwala had been made a scapegoat. They contended that he had left the group in 2019 and thereafter had no access to any company documents or records.
They also pointed out that his statement had been recorded over 12 times in 28 days by three different agencies and that he had cooperated with the investigation.
The court, after hearing the arguments, granted his custody to CBI till June 12.
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