CBI arrests Reliance Capital ex-CFO Amit Bapna in ₹bank fraud probe
Synopsis
The CBI has arrested Amit Bapna, the former CFO of Reliance Capital, making him the sixth accused detained in the sprawling Reliance ADA Group bank fraud probe. Bapna allegedly approved loans to conduit companies in violation of RBI norms, funnelling funds across group entities — a case now under direct Supreme Court scrutiny.
Key Takeaways
Amit Bapna , former CFO of Reliance Capital Ltd , was arrested by the CBI on 4 July in the Reliance ADA Group bank fraud cases.
Bapna served as CFO from August 2014 to December 2019 and is alleged to have approved loans to conduit companies in violation of RBI guidelines.
Funds borrowed by RCFL were allegedly diverted to Reliance Capital , Reliance Infrastructure , and Reliance Power through intermediary entities.
The Special CBI Court in Mumbai has granted the agency four days of custody for interrogation.
The CBI has registered seven FIRs and filed its first chargesheet in the RCom case, naming 16 accused including 10 bank officials .
The investigation is being monitored by the Supreme Court ; Bapna is the sixth accused arrested so far.
The Central Bureau of Investigation (CBI) on Saturday, 4 July formally arrested Amit Bapna, former Chief Financial Officer of Reliance Capital Ltd, in connection with its ongoing investigation into the Reliance ADA Group bank fraud cases. Bapna was produced before a Special CBI Court in Mumbai under a Production Warrant and taken into custody for further interrogation.
What the CBI Alleges
According to the CBI, Bapna served as CFO of Reliance Capital Ltd from August 2014 to December 2019 and was among the key decision-makers overseeing the company's financial operations. Investigators allege he facilitated and approved loans to intermediary and conduit companies, reportedly knowing that such lending violated Reserve Bank of India (RBI) guidelines and the sanction conditions attached to borrowings from public sector banks.
The CBI further alleges that funds borrowed by Reliance Commercial Finance Limited (RCFL) were routed through these intermediary entities to several Reliance ADA Group companies — including Reliance Capital Ltd, Reliance Infrastructure Ltd, and Reliance Power Ltd — causing wrongful loss to the lending banks and corresponding wrongful gain to the accused and related entities.
Custody and Court Proceedings
At the time of his arrest, Bapna was already in judicial custody at Central Jail, Tihar, New Delhi, in a separate case being investigated by the Enforcement Directorate (ED). The CBI secured a Production Warrant from the Special CBI Court in Mumbai to transfer his custody. The court has granted the agency four days of custody for interrogation. With this arrest, the CBI has now detained six accused in the Reliance ADA Group cases in total.
Scale of the Investigation
The CBI has registered seven FIRs against Reliance Communications Ltd (RCom), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), and Reliance Telecom Ltd (RTL), based on complaints from multiple public sector banks and the Life Insurance Corporation of India (LIC). The investigation is being monitored by the Supreme Court.
The agency filed its first chargesheet in the RCom case on 29 May, naming 16 accused — including the company itself, five senior RCom executives, and 10 bank officials. The CBI confirmed that further investigation is underway.
What Happens Next
With Bapna in CBI custody, investigators are expected to examine the paper trail linking fund diversion decisions to senior management approvals. The Supreme Court's continued oversight signals the judiciary's close watch on the pace and scope of the probe. Further arrests and chargesheets in the remaining FIRs are likely as the investigation progresses.
Point of View
The agency faces pressure to demonstrate that accountability reaches decision-makers, not just paperwork signatories. The real question is whether the chargesheet trail will eventually point to the group's ultimate beneficial ownership — something the probe has yet to publicly establish.
NationPress
4 Jul 2026
Frequently Asked Questions
Who is Amit Bapna and why has he been arrested?
Amit Bapna is the former Chief Financial Officer of Reliance Capital Ltd, who served in that role from August 2014 to December 2019. The CBI arrested him on 4 July, alleging he approved loans to conduit companies in violation of RBI guidelines, facilitating the diversion of funds borrowed by Reliance Commercial Finance Ltd to other Reliance ADA Group entities.
How many people has the CBI arrested in the Reliance ADA Group cases so far?
With Bapna's arrest, the CBI has arrested six accused in connection with the Reliance ADA Group cases in total. The agency has registered seven FIRs against RCom, RHFL, RCFL, and RTL based on complaints from public sector banks and LIC.
What is the court's role in Bapna's custody?
A Special CBI Court in Mumbai granted the agency a Production Warrant to secure Bapna's custody from Tihar Jail, where he was held in an ED case. The court has since granted the CBI four days of custody for further interrogation.
Is the Supreme Court involved in this investigation?
Yes, the Supreme Court is monitoring the CBI's investigation into the Reliance ADA Group cases. The court's oversight underscores the scale and public interest dimension of the alleged bank fraud.
What was the first chargesheet filed by the CBI in these cases?
The CBI filed its first chargesheet in the RCom case on 29 May, naming 16 accused — including the company, five senior RCom executives, and 10 bank officials. Further chargesheets in the remaining FIRs are expected as the investigation continues.
