The Enforcement Directorate (ED) has filed a prosecution complaint against 52 individuals in connection with the alleged ₹11,600 crore money laundering and bank fraud case involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). The case revolves around allegations of diversion of corporate loan funds through multiple entities and shell companies.
Among the prominent names mentioned in the charge sheet are Amitabh Jhunjhunwala and Amit Bapna, both of whom are accused of playing significant roles in the alleged financial irregularities.
Funds Allegedly Diverted Through Multiple Entities
According to the investigating agency, corporate loans issued by RHFL and RCFL were allegedly not used for their intended business purposes. Instead, investigators claim the funds were transferred through several companies with questionable business activities before eventually reaching related entities and connected interests.
The agency believes the transactions were structured in a layered manner to conceal the source and ultimate destination of the money. Officials have described the arrangement as an organised and pre-planned mechanism designed to hide the movement of funds.
Investigators further allege that shell companies were used to complicate the money trail, making it difficult to identify the final beneficiaries.
Key Accused Named in Investigation
Amitabh Jhunjhunwala has been identified by the agency as one of the central figures in the alleged operations. Investigators claim he was involved in critical financial decisions, including loan approvals, monitoring of assets and movement of funds within the network.
Amit Bapna has also been accused of facilitating transactions through multiple entities that allegedly helped in routing the money. The charge sheet suggests that senior individuals within the system exercised considerable control over lending and monitoring processes.
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Digital Records Form Major Part of Probe
The ED informed the court that it reconstructed the alleged money trail using digital evidence, email communications and banking transaction records collected during the course of the investigation.
Officials believe these records form an important part of the prosecution's case and could help establish the sequence of transactions carried out through different entities.
The investigation has also triggered fresh concerns regarding corporate lending practices, monitoring systems and the misuse of shell company networks in financial transactions.
Further Investigation Still Underway
With the charge sheet now filed, legal proceedings in the matter are expected to move to the next stage. Authorities have indicated that the investigation remains active and additional individuals or entities could come under scrutiny as new evidence emerges.
The agency continues to examine related companies, fund transfers and the role of individuals allegedly involved in the diversion of public money.