ED Arrests Anil Ambani's Close Aides Amitabh Jhunjhunwala, Amit Bapna In RHFL Case

Mumbai: The Enforcement Directorate has arrested Amitabh Jhunjhunwala and Amit Bapna, close aides of Anil Ambani in the Reliance Home Finance Ltd (RHFL) and the Reliance Home Finance Limited (RCFL) loan fraud case.

Earlier in April 2026, the Central Bureau of Investigation (CBI) registered a fresh criminal case against Anil Ambani and Reliance Communications Ltd (RCom) for allegedly causing a wrongful loss of Rs 3,750 crore to LIC. This comes after a forensic audit report that accused the telecom major of siphoning funds and misrepresenting its financial health to induce LIC into subscribing to high-value debentures.

The CBI registered the FIR on April 1, 2026, naming Anil Ambani, Reliance Communications, and unknown public servants as accused. According to the complaint filed by LIC, the insurer was "fraudulently induced" to subscribe to Non-Convertible Debentures (NCDs) worth Rs 4,500 crore. 

The agency claims that the RCom management made false representations regarding the company’s financial stability and the actual value of the assets offered as security to LIC. The case is built on a forensic audit report conducted by BDO India LLP, which was finalized in late 2020. 

The audit reportedly uncovered a systematic pattern of fund diversion. This includes the routing of capital through subsidiaries, the use of fictitious bill discounting, and the creation of shell entities to siphon off money raised from financial institutions. The report further noted a gross overstatement of security, revealing a critical mismatch between the assets pledged to LIC and their actual market value.

Escalating Legal Troubles for Anil Ambani

Cases have been mounting against RCom and its top leadership, including Anil Ambani, in recent months. The CBI had earlier filed FIRs based on complaints from a consortium of lenders led by State Bank of India, Bank of Baroda, and Punjab National Bank, for alleged frauds totaling over Rs 6,000 crore.

The CBI investigators had also recently questioned Anil Ambani for almost eight hours at the agency's New Delhi headquarters in connection with the SBI-led fraud probe.

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