Taking major action in the alleged bank fraud case related to Reliance ADA Group, CBI has arrested Amit Bapna, former Chief Financial Officer (CFO) of Reliance Capital Limited. According to CBI, Amit Bapna was the CFO of Reliance Capital from August 2014 to December 2019 and had an important role in important decisions related to the financial matters of the company. The investigating agency alleges that he played a role in approving and getting loans to many such companies, which were being used only for intermediary or fraudulent transactions.
These loans were given against the rules of the Reserve Bank of India (RBI) and the conditions set by the government banks. Investigation has revealed that the loans taken by Reliance Commercial Finance Limited (RCFL) from banks were routed through these intermediary companies to other companies of Reliance ADA Group, such as Reliance Capital, Reliance Infrastructure and Reliance Power. CBI says that this caused huge financial loss to the public sector banks, while the accused and their associated companies got wrongful benefits.
Amit Bapna on 4 days CBI remand
CBI said that Amit Bapna was already lodged in Tihar Jail in judicial custody in a case under investigation by the Enforcement Directorate (ED). For questioning in this case, CBI took a production warrant from the special court of Mumbai. After this, on July 4, 2026, he was presented in the court and formally arrested. The court has sent him on CBI remand for four days, so that he can be interrogated further.
7 cases registered on banks’ complaint
CBI has earlier registered a total of 7 cases related to Reliance Communications (RCom), Reliance Home Finance (RHFL), Reliance Commercial Finance (RCFL) and Reliance Telecom (RTL). These cases were registered on the basis of complaints from various government banks and LIC. Investigation of all these cases is going on and it is being monitored by the Supreme Court.
16 people including the company were made accused
The agency had filed the first charge sheet in the Reliance Communications case on May 29, 2026, in which 16 people including the company were made accused. These include five senior officers of the company and 10 bank officers. According to CBI, with the arrest of Amit Bapna, a total of 6 accused have been arrested so far in cases related to Reliance ADA Group. The agency says that the investigation of the case is still going on and new information may come to light in the future.
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