CBI Arrests Ex-Reliance Capital CFO in Loan Diversion Case
The Central Bureau of Investigation (CBI) has arrested Amit Bapna, former chief financial officer of Reliance Capital Limited, in connection with its ongoing probe into cases involving the Reliance ADA Group. The arrest was made on July 4, 2026, officials said.
The CBI alleges that Bapna, who served as CFO from August 2014 to December 2019, was a key decision-maker responsible for the company's financial affairs. He is accused of facilitating and approving loans to intermediary companies despite knowing that such lending violated Reserve Bank of India (RBI) guidelines and the conditions of borrowings from public sector banks.
According to a CBI spokesperson, the investigation has revealed that funds borrowed by Reliance Commercial Finance Limited (RCFL) were diverted through these intermediary entities to various Reliance ADA Group companies, including Reliance Capital Limited, Reliance Infrastructure Limited, and Reliance Power Limited. This diversion allegedly caused wrongful loss to the lending banks and corresponding wrongful gain to the accused and related entities.
Bapna was already in judicial custody in a case being investigated by the Enforcement Directorate (ED) and was lodged in Tihar jail. The CBI obtained a production warrant from the Special Judge for CBI cases in Mumbai to secure his custody. He was produced before the CBI Special Court in Mumbai and arrested on the same day. The court has sent him to four days of police custody.
The CBI has registered seven First Information Reports (FIRs) against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Reliance Telecom Limited (RTL) based on complaints from various public sector banks and the Life Insurance Corporation of India (LIC). The agency filed its first chargesheet in the RCom case on May 29, 2026, against 16 accused, including the company, five senior executives of RCom, and 10 bank officials.
With Bapna's arrest, the CBI has now arrested six accused persons in the Reliance ADA Group cases. No immediate reaction was available from Reliance Capital Limited.
