Mumbai: The Central Bureau of Investigation has arrested Amit Bapna, former Chief Financial Officer of Reliance Capital Limited, in connection with its ongoing probe into alleged bank fraud cases involving Reliance ADA Group companies. A special court has granted the agency four days of custody for further interrogation.
Bapna was already lodged in Tihar Jail in a separate Enforcement Directorate case. The CBI obtained a production warrant from a special court before formally arresting him in its investigation.
CBI Alleges Loan Rule Violations
According to the CBI, Bapna served as CFO of Reliance Capital Limited from August 2014 to December 2019 and was among the key officials handling the company’s financial affairs.
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The agency alleges that he facilitated and approved loans to intermediary and conduit companies despite knowing that such lending violated Reserve Bank of India guidelines and sanction conditions attached to borrowings from public sector banks.
Funds Allegedly Routed Through Intermediaries
Investigators allege that funds borrowed by Reliance Commercial Finance Limited were routed through intermediary entities and diverted to Reliance ADA Group companies, including Reliance Capital Limited, Reliance Infrastructure Limited and Reliance Power Limited.
The CBI claims the alleged diversion caused wrongful losses to lending banks while resulting in corresponding wrongful gains to accused persons and related entities.
Seven FIRs, Six Arrests So Far
So far, the CBI has registered seven FIRs against Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited and Reliance Telecom Limited. The cases are based on complaints filed by public sector banks and LIC.
The probe is being monitored by the Supreme Court. Earlier, on May 29, the CBI filed its first chargesheet in the Reliance Communications case against 16 accused, including the company, five former senior executives and ten bank officials.
With Bapna’s arrest, the total number of arrests made by the CBI in the Reliance ADA Group investigations has risen to six. The agency said the probe into loan sanctions, financial transactions and alleged diversion of borrowed funds is continuing.
