Mumbai court grants Amitabh Jhunjhunwala bail in ₹4,097cr RCFL fraud
Business
Amitabh Jhunjhunwala, former vice chairman of Reliance Capital, just got bail in an alleged ₹4,097-crore bank fraud case involving RCFL.
The Mumbai court's decision leaned on a Delhi High Court order that called him "sick or infirm," with his lawyers pointing to serious health issues made worse during his time in custody.
CBI says Jhunjhunwala moved RCFL funds
The CBI says Jhunjhunwala moved money from Reliance Commercial Finance Ltd. (RCFL) to help pay off other companies' debts.
What started as a single bank complaint for ₹57.47 crore ballooned into a multi-bank case involving 12 other public sector banks and around ₹4,097 crore.
Even though the CBI wanted another medical check, the court stuck with Delhi's ruling.