PMLA case: ED arrests former ADAG executive Amitabh Jhunjhunwala

New Delhi: The Enforcement Directorate (ED) on Wednesday arrested Amitabh Jhunjhunwala, a former senior executive of Anil Dhirubhai Ambani Group (ADAG), in an alleged bank loan fraud-linked money laundering case, officials said.

Jhunjhunwala was taken into custody under the Prevention of Money Laundering Act (PMLA) after questioning. The agency has produced him before a court seeking his custody for detailed interrogation, they said.

The probe pertains to an alleged bank loan fraud perpetrated through Anil Ambani group companies like Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RHFL) using shell or dummy companies.

Jhunjhunwala had been a director of Reliance Capital Ltd, the holding company of RHFL and RCFL, from March 2003-September 2019.