CBI arrests former CFO of Reliance Capital in bank fraud case
Bapna has been lodged in Tihar Central Jail since April this year after being arrested by the ED in connection with a bank loan fraud and money laundering case linked to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
The CBI has registered seven FIRs against Reliance Communications Limited (RCom), RHFL, RCFL and Reliance Telecom Limited (RTL) on the basis of complaints received from various public sector banks and LIC. (PTI file)
The CBI has arrested Reliance Capital’s former chief financial officer (CFO) Amit Bapna in connection with the investigation into the Reliance ADA Group cases.
Bapna, who served as the CFO of Reliance Capital Limited from August 2014 to December 2019, was one of the key decision-makers responsible for managing the company’s financial affairs. The CBI has so far arrested six accused, including Bapna, in the bank fraud cases linked to Reliance ADA Group.
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Bapna has been lodged in Tihar Central Jail since April this year after being arrested by the ED in connection with a bank loan fraud and money laundering case linked to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
The CBI obtained Bapna’s production warrant from a Mumbai court and secured his custody from the Tihar Jail. He was produced before the CBI Special Court in Mumbai on Saturday and remanded in the agency’s custody for four days.
Bapna has been accused of facilitating and approving loans to intermediary and conduit companies despite being aware that such lending was against the RBI guidelines and the sanction conditions governing borrowings from public sector banks. The funds borrowed by RCFL were allegedly diverted through intermediary entities to various Reliance ADA Group companies, including Reliance Capital Ltd, Reliance Infrastructure Ltd and Reliance Power Ltd, thereby causing wrongful loss to the lending banks and corresponding wrongful gain to the accused persons and related entities, said a release issued by CBI.
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The CBI has registered seven FIRs against Reliance Communications Limited (RCom), RHFL, RCFL and Reliance Telecom Limited (RTL) on the basis of complaints received from various public sector banks and LIC. The agency has been investigating the cases and the probe is being monitored by the Supreme Court. The first chargesheet in the RCom case was filed on May 29 against 16 accused, including five senior executives of RCom and 10 bank officials.
The CBI has registered seven FIRs against Reliance Communications Limited (RCom), RHFL, RCFL and Reliance Telecom Limited (RTL) on the basis of complaints received from various public sector banks and LIC. (PTI file) 
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