ED charges Amitabh Jhunjhunwala, Amit Bapna over 12,500cr loan diversion
Business
Big news in the finance world: The Enforcement Directorate (ED) has charged two Reliance ADAG executives, Amitabh Jhunjhunwala and Amit Bapna, for allegedly moving around ₹12,500 crore through shady routes.
They were arrested in April over claims they diverted loans from Reliance Home Finance and Reliance Commercial Finance.
The official chargesheet is set to be presented in court on July 1.
ADAG tied to 45 shell companies
According to the ED, most of these loans ended up with 45 shell companies, basically firms with no real business going on, all reportedly tied back to ADAG groups.
After being questioned by investigators, both executives landed in judicial custody.
Their lawyers pushed back against further interrogation requests from the agency.