New Delhi [India], April 19 : The Enforcement Directorate (ED) in its investigation has found that Amitabh Jhunjhunwala, a former senior executive of Anil Dhirubhai Ambani Group (ADAG), was among key decision makers with respect to various operations of Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL) such as raising of funds, monitoring cash flow, monitoring Assets Under Management, analysis of Annual Operating Plans and disbursal of loans.
It says that Chief Executive Officers (CEOs) of RHFL and RCFL were also actively reporting to Jhunjhunwala-- who was arrested on April 15, and that "the same is corroborated from the electronic evidence (emails) collected during investigation, along with statements so recorded under Section 50 of Prevention of Money Laundering Act (PMLA).
Investigation conducted under PMLA by the ED has revealed a pre-conceived and well-planned scheme to divert and siphon off public money from Mls Reliance Home Finance Limited (RHFL) and Mls Reliance Commercial Finance Limited (RCFL) through several shell/ paper companies under the pretext of Corporate Loans by cheating banks, shareholders, investors and other public institutions; wherein he has played a prominent role.
"He was Director of Reliance Capital Limited (RCAP), holding company of RHFL and RCFL, from March, 2003 to September, 2019, and also Vice Chairman of RCAP from March, 2006 to September, 2019, having full control over the affairs and management of RCAP group of companies including RHFL and RCFL," reveals an ED document submitted in court.
Jhunjhunwala was taking crucial decisions with respect to disbursal of funds from RHFL and RCFL to shell and paper entities operated and controlled by the Reliance Anil Ambani Group in the guise of Corporate Loans.