The Central Bureau of Investigation (CBI) has arrested two top executives of the Anil Dhirubhai Ambani Group (ADAG) in connection with a spiralling probe into a massive bank loan fraud, officials said on Monday. 

The move follows closely on the heels of the Enforcement Directorate (ED) taking custody of the same officials—Amitabh Jhunjhunwala and Amit Bapna—over allegations of money laundering and the diversion of funds exceeding Rs 40,000 crore.

The Enforcement Tightens

The arrests mark a significant escalation in the multi-agency probe. Jhunjhunwala, the former Vice-Chairman of Reliance Capital, and Bapna, a former CFO, are accused of being the "key decision-makers" behind the diversion of massive loan amounts.

According to investigative sources, the agencies are tracking a web of transactions where funds were allegedly routed through "weak" shell entities to benefit group-linked companies. This follows the Supreme Court's recent refusal to stay fraud classification proceedings against Anil Ambani's accounts.

Rs 40,000 Crore Under Scrutiny

The scale of the alleged scam is staggering:

Total Alleged Fraud: Investigators estimate the laundering and diversion involve upwards of ₹40,000 crore.

The LIC Angle: The CBI is specifically looking into a ₹3,750 crore loss caused to the Life Insurance Corporation of India through fraudulent Non-Convertible Debentures (NCDs).

Asset Seizure: The ED has already provisionally attached assets worth nearly ₹17,000 crore in connection with the case.

What Next for Anil Ambani?

While Anil Ambani has previously maintained that he stepped down from board positions in 2017, the federal agencies are scrutinising his role in the "conspiracy and misappropriation" of funds. 

With his top lieutenants now in custody, the legal pressure on the industrialist has reached an all-time high.

The arrested executives are expected to be produced before a special court, where the CBI will seek their remand for further custodial interrogation to "unearth the larger conspiracy."