Mumbai Special CBI Court Grants Bail To Former Reliance Communications Group MD Amitabh Jhunjhunwala In ₹2,929-Crore Loan Fraud Case

Mumbai, September 29, 2026 - The special CBI court has granted bail to Amitabh Jhunjhunwala, the former Group MD of Reliance Communications, in connection with a loan fraud case. Jhunjhunwala was granted bail on medical grounds. The CBI had registered a case against Reliance Communications and its directors, alleging that the bank suffered a wrongful loss of approximately Rs 2,929 crore due to fraudulent activities by borrowers.

Jhunjhunwala was arrested on June 1, and his lawyers cited the Delhi High Court's order granting bail to him on medical grounds. They argued that he is a senior citizen in his 70s with a clean professional record of five decades. Jhunjhunwala was only a Non-Executive Vice Chairman of Reliance Capital Ltd., a holding company or associate company of RCOM.

The CBI prosecutor disagreed, stating that a major financial crime was committed, causing a significant loss to the public.