Reliance Power Responds to Arrest of Ex-Executive in Money Laundering Case: What it Means

Reliance Power issues a statement clarifying its relationship with a former senior executive arrested in connection with a money laundering case involving alleged bank loan fraud within the Reliance Group.

Photograph: Francis Mascarenhas/Reuters

Key Points

Reliance Power clarifies that Amitabh Jhunjhunwala, arrested by the Enforcement Directorate, has not been associated with the group since 2019.
The money laundering case involves alleged bank loan fraud through Reliance Home Finance Limited and Reliance Commercial Finance Ltd.
Amit Bapna, another former executive, was also arrested in connection with the alleged bank loan fraud and money laundering case.
Reliance Infrastructure and Reliance Power have a combined investor base of approximately 50 lakh shareholders.
Reliance Power's installed capacity is 5,305 MW, including the 4,000 MW Sasan Ultra Mega Power Project.

Reliance Power on Thursday said Amitabh Jhunjhunwala has had no association with the Group after 2019, a day after the Enforcement Directorate arrested the Anil Ambani-led Reliance Group's former senior executive in a money laundering case.

The probe pertains to an alleged bank loan fraud perpetrated through Anil Ambani group companies like Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RHFL) using shell or dummy companies.

The money laundering case of the ED stems from FIRs filed by the Central Bureau of Investigation.

Jhunjhunwala had been a director of Reliance Capital Ltd, the holding company of RHFL and RCFL, from March 2003-September 2019.

The Enforcement Directorate has also arrested former senior executive Amit Bapna in an alleged bank loan fraud and money laundering case.

The company said Bapna too left the Reliance Group in December 2019 and has had no association with the Group thereafter, including with Reliance Infrastructure and Reliance Power. He served as Chief Financial Officer of Reliance Capital, as well as Director of Reliance Home Finance.

Investor and Customer Base

Reliance Infrastructure and Reliance Power have a combined investor base of approximately 50 lakh shareholders and serve millions of customers, a company statement in response to some media queries, said.

Reliance Power's Capacity

Reliance Power has a total installed capacity of 5,305 MW, including 4,000 MW Sasan Ultra Mega Power Project in Madhya Pradesh, the largest integrated thermal power plant in the world.

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