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.
The agency alleged that Mr Bapna, who served as Reliance Capital's CFO from August 2014 to December 2019, was one of the key decision-makers responsible for managing the company's financial affairs.
According to CBI, Mr Bapna allegedly facilitated and approved loans to intermediary and conduit companies despite being aware that such lending violated Reserve Bank of India (RBI) guidelines and the sanction conditions governing borrowings from public sector banks.
The investigation has further revealed that funds borrowed by Reliance Commercial Finance Ltd (RCFL) were allegedly diverted through intermediary entities to various Reliance ADA group companies, including Reliance Capital, Reliance Infrastructure Ltd and Reliance Power Ltd. The agency alleged that the diversion caused wrongful losses to lending banks while conferring corresponding wrongful gains on the accused persons and related entities.
Mr Bapna was already in judicial custody in a separate case being investigated by directorate of enforcement (ED) and was lodged in Tihar Central Jail in New Delhi.
CBI obtained a production warrant from a special CBI court in Mumbai to secure his custody in the present case. He was produced before the court and formally arrested on 4 July 2026.
The court has granted CBI four days' custody of Mr Bapna for further interrogation.
The agency said it has so far registered seven FIRs (first information reports) against Reliance Communications Ltd (RCom), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL) and Reliance Telecom Ltd (RTL) based on complaints lodged by various public sector banks (PSBs) and the Life Insurance Corporation of India (LIC).
The investigation into the Reliance ADA group cases is being monitored by the Supreme Court.
CBI had earlier filed its first charge-sheet in the Reliance Communications case on 29th May against 16 accused, including the company, five senior executives of Reliance Communications and 10 bank officials.
With Mr Bapna's arrest, CBI has arrested six accused in connection with the Reliance ADA Group investigations so far.
The agency said further investigation into the cases is continuing.
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