The Central Bureau of Investigation has arrested Amitabh Jhunjhunwala, a top executive of the Reliance Communication Group, in connection with the alleged bank fraud case involving the company. 

Jhunjhunwala, who was the Group Managing Director of Reliance Communications Group, was allegedly controlling key functions such as corporate finance, banking and utilisation of funds. According to the CBI, he coordinated with senior bank officials for loans and advances. The agency has alleged that loan funds received from banks were managed or utilised by other officials of the RCom Group, leading to wrongful losses to banks due to misutilisation. 

Jhunjhunwala was earlier in judicial custody in a case being investigated by the Enforcement Directorate in Delhi and was lodged in Tihar Jail. After production warrants were obtained from a special court in Mumbai, he was referred by jail authorities to AIIMS, New Delhi, for medical examination. Following examination by the AIIMS medical board, he was declared fit to travel. 

He was then brought to Mumbai and produced before the court on June 1, 2026. After his production, the CBI formally arrested him, and the arrest was taken on record by the court. He was later remanded to judicial custody in the RCom case and sent to Arthur Road Jail. The CBI’s plea seeking his police custody is expected to be taken up on Tuesday. 

The agency said Jhunjhunwala was instrumental in securing loans from various banks. As the company failed to repay the amounts, the accounts turned non-performing assets. The CBI has also alleged that he was taking instructions from the promoters and directors of Reliance Communications Group companies. 

The FIR was registered on the basis of a complaint from the State Bank of India against Reliance Communications Limited and Anil D Ambani for allegedly causing a loss of Rs 2,929.05 crore to the bank. Term loans were sanctioned to Reliance Communications Limited by a consortium of 11 banks led by SBI, which together allegedly suffered losses of Rs 6,015 crore. 

As per the complaint, the total exposure towards RCom stood at Rs 19,694.33 crore involving 17 public sector banks. The CBI has also registered six other FIRs against RCom, RHFL, RCFL and RTL based on complaints from various public sector banks and LIC. These cases remain under investigation and are being monitored by the Supreme Court. 

The agency said it had filed its first chargesheet in the RCom case on May 29, 2026, against 16 accused, including the company, five senior RCom executives and 10 bank officials. The CBI said it remains committed to conducting an expeditious and detailed investigation into the cases. 

Published on: Jun 1, 2026 9:05 PM IST