Former Reliance ADAG MD Amitabh Jhunjhunwala Remanded to CBI Custody

A special court in Mumbai on Wednesday remanded Amitabh Jhunjhunwala, the former group managing director of the Anil Ambani-led Reliance Communications, to Central Bureau of Investigation (CBI) custody until Friday.

The custody is in connection with an ongoing investigation into an alleged Rs 4,097 crore bank loan fraud involving Reliance Commercial Finance Limited. According to the complaints, the fraudulent activities resulted in a loss of approximately Rs 4,097 crore to 13 public sector banks.

Prior to the special court's order on Wednesday, Jhunjhunwala was already lodged in the Arthur Road Jail in Mumbai. He was being held there under judicial custody for a separate, but related matter.

The CBI sought custody of the former Reliance ADAG managing director to further its investigation into the complaints filed by the affected public sector banks regarding the significant financial losses.

The court's decision allows investigators to question Jhunjhunwala directly regarding the transaction details and the operations of Reliance Commercial Finance Limited. The custody is scheduled to end on Friday.