Delhi Court Denies Bail to Ex-Reliance Capital Executive Jhunjhunwala in ₹11,000 Crore Case

A Delhi court has denied bail to former Reliance Capital vice-chairman Amitabh Jhunjhunwala in an alleged ₹11,000 crore money laundering case involving companies linked to Anil Ambani’s business group. Special Judge Vishal Pahuja of the Rouse Avenue Court said there were concerns that Jhunjhunwala could influence witnesses if released. The court also described him as the “principal architect” of the alleged offence while noting that the investigation by the Enforcement Directorate is still underway.

Jhunjhunwala was arrested by the Enforcement Directorate on April 15 along with former Reliance Capital chief financial officer Amit Bapna. The agency has alleged that the accused, along with others, diverted funds from Reliance Home Finance Ltd and Reliance Commercial Finance Ltd through corporate loans. According to the agency, the funds were allegedly routed to companies that were effectively controlled by entities associated with the Reliance Anil Ambani Group.

The Enforcement Directorate has claimed that around 90% of the corporate loans were disbursed in violation of prudential lending norms. It also alleged that Jhunjhunwala, who served as a director of Reliance Capital, was a key decision-maker involved in the company's operations. The allegations form part of a wider investigation into the movement and alleged diversion of funds involving companies connected to the group.

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Jhunjhunwala's legal team sought bail primarily on medical grounds, arguing that he had several health problems and should therefore qualify for an exception to the twin conditions for bail under Section 45 of the Prevention of Money Laundering Act. His counsel cited heart-related issues, orthopaedic problems, a degenerative musculoskeletal condition, hypertension and lower-back pain linked to a compression fracture. The defence also argued that his health had deteriorated during his time in custody.

The Enforcement Directorate opposed the bail plea, maintaining that Jhunjhunwala was receiving necessary medical treatment while in custody. The agency said he had been examined at the jail hospital and referred to Lok Nayak Hospital and AIIMS when required. It argued that available medical records did not indicate any life-threatening condition that would make continued judicial custody medically impermissible.

The court accepted the agency's position, observing that Jhunjhunwala had received medical attention whenever necessary and had not demonstrated that his condition could not be managed through the available custodial medical facilities. The judge also cited the possibility of him influencing staff members who could be witnesses in the case. With the investigation continuing and the court viewing him as a key figure in the alleged offence, the bail application was rejected.

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