Court Extends Custody for Reliance Executives in High-Profile Money Laundering Case

The Rouse Avenue court has prolonged the judicial custody of former executives Amit Bapna and Amitabh Jhunjhunwala until May 15 as investigations continue in a money laundering and fraud case involving Reliance Home Finance Ltd and Reliance Commercial Finance Ltd, potentially implicating more individuals in a complex financial scheme.

The Rouse Avenue court has extended the judicial custody of former Reliance ADAG group executives Amit Bapna and Amitabh Jhunjhunwala until May 15. The pair are being investigated in a high-profile money laundering case related to Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL) fraud allegations. Special Judge Hasan Anzar made the decision after hearing submissions from both the Enforcement Directorate (ED) and defense counsel.

While Amit Bapna was physically present in court, Amitabh Jhunjhunwala participated via video due to his medical condition. The court also requested an updated medical report for Jhunjhunwala. The ED pressed for a 14-day extension, arguing the need for further investigation as new evidence and witness summonses had emerged.

Defense counsel Faisal Sherwani contended that the extended custody was unwarranted, labeling it a 'mechanical ground' move. While opposing continued detention, Sherwani underscored that they were not seeking bail but rather challenging the necessity of further judicial custody. The ED argued that further custody was needed due to the initial phase of the investigation and the requirement to determine all involved parties in the alleged Rs. 11,500 Crore financial crime.