The Central Bureau of Investigation (CBI) on Monday arrested Amitabh Jhunjhunwala, former Group Managing Director of the Reliance Communications (RCom) group.
Jhunjhunwala, who oversaw critical functions including Corporate Finance, Banking Relations, and Fund Utilisation, was formally arrested after being produced before a special CBI court in Mumbai. He was previously in judicial custody in a related Enforcement Directorate case at Delhi’s Tihar Jail.
Following medical clearance from AIIMS, he was brought to Mumbai, where the CBI effected his arrest. He has now been remanded to judicial custody at Arthur Road Jail, with his police custody remand scheduled for Tuesday.
According to the CBI, Jhunjhunwala played a central role in securing massive loans from a consortium of public sector banks and was instrumental in directing how those funds were utilised. The agency alleges that, due to the diversion and misuse of these funds, banks incurred substantial wrongful losses. He reportedly acted on instructions from the promoters and directors of the RCom group companies.
The case traces back to term loans sanctioned to Reliance Communications Ltd by a consortium of 11 banks led by State Bank of India. SBI alone flagged a loss of Rs 2,929.05 crore, while the total exposure across 17 PSU banks reportedly reached a staggering Rs 19,694.33 crore. Overall losses to the banking consortium are estimated at over Rs 6,015 crore.
This arrest comes days after the CBI filed its first chargesheet on May 29, 2026, naming 16 accused — including RCom, five senior executives, and ten bank officials. The agency has registered at least seven FIRs against RCom entities and associated companies based on complaints from multiple banks and LIC. The Supreme Court is closely monitoring the investigations.
