ED Arrests Two Former Anil Ambani Group Executives In Bank Loan Fraud, Money Laundering Case

The Enforcement Directorate on Wednesday arrested Amitabh Jhunjhunwala and Amit Bapna, both former senior executives at industrialist Anil Ambani-led Reliance Group, in an alleged bank loan fraud and money laundering case, officials said.

The two were taken into custody under the Prevention of Money Laundering Act (PMLA) after questioning. The agency produced them before a court seeking their custody for detailed interrogation, they said.

Jhunjhunwala was a vice chairman and director of Reliance Capital Ltd. , the parent company of RHFL and RCFL. He is considered a close aide of Ambani. Bapna served as a director of RHFL.

ALSO READ: PNB Fraud Case: Nirav Modi's Extradition Enters Final Stage As CBI Officials Meet Authorities In LondonThe probe pertains to an alleged bank loan fraud worth crores of rupees perpetrated through Anil Ambani group companies like Reliance Home Finance Ltd.

and Reliance Commercial Finance Ltd. using shell or dummy companies. The money laundering case of the ED stems from FIRs filed by the Central Bureau of Investigation. ALSO READ: Massive Fraud? ₹1.

5 Lakh Cancer Drug Allegedly Sold To Patients With Fake Substances: Report(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.