Ex-RCom executive gets bail in loan fraud case
A special CBI court on Tuesday granted bail on medical grounds to former Reliance Communications Group managing director Amitabh Jhunjhunwala in a multi-crore State Bank of India loan fraud case.
Special Judge Nitin V Jiwane allowed the plea, citing Jhunjhunwala’s deteriorating health and relied on a recent Delhi High Court order that granted him statutory relief in a linked money-laundering probe. The Central Bureau of Investigation (CBI) arrested Jhunjhunwala on June 1.
Jhunjhunwala, through his advocates Aabad Ponda, Rahul Agarwal and Jasmine Purani, had sought relief citing unresolved spinal fractures, peripheral osteoporosis, sarcopenia, and coronary artery disease requiring sustained medical rehabilitation that could not be effectively administered in judicial custody.
Ponda informed the court that the Delhi High Court had, on September 22, granted the jailed executive regular bail under the Prevention of Money Laundering Act (PMLA) after finding him “sick or infirm”.
Accepting the contention, the special judge noted that since the medical condition remains the same, the applicant is entitled to regular bail on medical grounds in the CBI case as well.
The Delhi High Court in clear and unequivocal words, had observed that his medical condition “requires specialised treatment which is not confined to administration of medicines or symptomatic pain relief, but involves sustained rehabilitation and supervision over a period of time,” the special court order said.
It then allowed his bail on execution of a PR bond of Rs 1 lakh with one or two local sureties in the like amount.
The CBI case stems from an August 2025 complaint by the State Bank of India against RCom and others alleging criminal conspiracy, cheating, and criminal breach of trust that resulted in an initial wrongful loss of Rs 2,929.05 crore to the bank.
The probe agency claimed a Rs 1,200-crore loan disbursed by SBI in August 2016 based on purported asset-sale plans to Brookfield, which later turned non-performing and caused a wrongful loss of Rs 970.25 crore.
The CBI submitted that Jhunjhunwala had served as Group Managing Director in the Anil Ambani-led group, exercised substantial control over corporate finance and banking operations, and actively participated in the alleged diversion and round-tripping of borrowed funds.
