The Supreme Court of India will hear pleas filed by Anil Ambani against various banks, including Bank of Baroda, IDBI Bank, and Indian Overseas Bank, today, according to PTI.

Earlier late last evening, the Enforcement Directorate (ED) arrested two former Anil Ambani Group executives – Amitabh Jhunjhunwala and Amit Bapna, according to PTI in the alleged bank loan fraud-linked money laundering case.

ED asks custody in RHFL–RCFL loan fraud case

The ED produced them before a court and sought their custody under the Prevention of Money Laundering Act (PMLA) for detailed interrogation. The probe pertains to an alleged bank loan fraud carried out through Anil Ambani group companies such as Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL), allegedly using shell or dummy companies.

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Who are the two former Anil Ambani Group executives?

A quick recap of the profiles of the  two former Anil Ambani Group executives arrested by the ED –   Amitabh Jhunjhunwala had served as a director of Reliance Capital, the holding company of RHFL and RCFL, from March 2003 to September 2019. He is considered a close aide of Ambani.

Bapna has served as a director of RHFL.

Anil Ambani Vs banks: What is the alleged bank fraud case about? 

The probe relates to an alleged bank loan fraud worth crores of rupees, in which funds were allegedly diverted through shell or dummy companies linked to the group.

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A status report filed in the Supreme Court on April 6 highlighted that the CBI is probing bank loan frauds cumulatively worth Rs 73,000 crore in seven cases registered against the Reliance Anil Ambani Group, PTI reported. The CBI informed the court that it is actively investigating these cases and is also probing the role of certain public servants.

The ED, on April 6, also informed the court that it has constituted a special investigation team to probe these cases and is currently working on eight cases related to the Reliance Anil Ambani Group (RAAG).

Anil Ambani group stocks performance

Anil Ambani Group stocks are showing mixed trend in today’s trade. While Reliance Power is trading flat in the intraday session, Reliance Infrastructure is facing pressure, declining 2.1% in the early trade.