CBI Arrests Former RCom MD Amitabh Jhunjhunwala in Rs 2,929 Crore SBI Fraud Case

The Central Bureau of Investigation (CBI) has arrested Amitabh Jhunjhunwala , former Group Managing Director of Reliance Communications (RCom) , in connection with an alleged loan fraud case involving losses of Rs 2,929.05 crore to the State Bank of India (SBI) , officials said on Monday.

Jhunjhunwala, who was already lodged in Delhi's Tihar Jail in a separate Enforcement Directorate (ED) investigation , was brought to Mumbai on production warrants issued by a special court. Following his appearance before the court, the CBI formally arrested him and secured his judicial custody in the RCom case. He has since been sent to Mumbai's Arthur Road Jail, while the agency seeks his police custody for further questioning.

According to the CBI, Jhunjhunwala oversaw key functions within the Reliance Communications Group, including corporate finance, banking operations and fund utilisation . Investigators allege that he played a significant role in obtaining loans from banks and managing their deployment. The agency claims that the alleged misuse of these funds resulted in substantial losses to lenders.

The CBI had earlier registered an FIR against Reliance Communications and businessman Anil Ambani , alleging that SBI suffered losses of Rs 2,929.05 crore. A consortium of 11 banks reportedly incurred losses of around Rs 6,015 crore , while the total exposure to RCom stood at Rs 19,694.33 crore across 17 public sector banks.

The agency stated that Jhunjhunwala acted on instructions from the group's promoters and directors. It has also registered six additional FIRs involving Reliance group financial entities based on complaints from public sector banks and LIC.

The case underscores the continuing scrutiny of corporate lending practices and large bank fraud cases in India , with regulators and investigative agencies intensifying efforts to examine accountability in high-value loan defaults and protect the integrity of the banking system. The Supreme Court is monitoring the broader investigation .