The Central Bureau of Investigation (CBI) has arrested Amit Bapna, former Chief Financial Officer (CFO) of Reliance Capital Ltd., in connection with its ongoing investigation into alleged financial irregularities involving companies of the Reliance Anil Dhirubhai Ambani (ADA) Group, officials said.
Bapna’s arrest marks the latest development in the CBI’s widening probe into alleged bank loan fraud and diversion of funds involving Reliance Group companies, including Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL). The investigation stems from multiple FIRs registered by the agency over alleged violations in the sanction and utilisation of loans extended by public sector banks.
According to investigators, the CBI is examining allegations that loans were sanctioned and subsequently diverted through a network of shell or conduit entities, resulting in substantial losses to lending institutions. Earlier, the agency had registered seven FIRs relating to alleged fraud involving Reliance Group entities, with the cumulative losses to public sector banks estimated at ₹7,623 crore.
The arrest comes months after the Enforcement Directorate (ED) arrested Bapna under the Prevention of Money Laundering Act (PMLA) in April as part of a parallel money laundering investigation. The ED has since filed a prosecution complaint naming Bapna and several others in connection with the alleged financial irregularities.
Bapna has remained under judicial custody in the ED case, and the CBI’s latest action follows court approval permitting the agency to formally arrest and question him in its own investigation.
The CBI is continuing to investigate the role of former executives and other individuals associated with the Reliance ADA Group to determine whether banking norms, lending policies and regulatory guidelines were violated during the sanction and disbursal of loans.
Neither Amit Bapna nor representatives of the Reliance ADA Group had issued a public statement on the latest arrest as of Saturday.
The investigation remains ongoing, and the allegations are yet to be tested in court.
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