Ex-Reliance Capital CFO Amit Bapna Arrested in Major CBI Probe!

The Central Bureau of Investigation (CBI) has made a significant arrest, apprehending Amit Bapna, the former Chief Financial Officer (CFO) of Reliance Capital Ltd. This development is part of an ongoing extensive investigation into the affairs of the Reliance ADA Group, specifically focusing on alleged financial irregularities.

Bapna, who held the CFO position at Reliance Capital Ltd from August 2014 to December 2019, is described by investigators as a key decision-maker in the company's financial operations. Authorities allege that he facilitated and approved loans to various intermediary and conduit companies. Crucially, these approvals were reportedly given despite Bapna's awareness that such lending practices contravened established Reserve Bank of India (RBI) guidelines and the sanction conditions governing borrowings from public sector banks.

The probe further revealed a complex scheme where funds borrowed by Reliance Commercial Finance Ltd were allegedly diverted. These funds flowed through the aforementioned intermediary entities to several other Reliance ADA Group companies, including Reliance Capital, Reliance Infrastructure, and Reliance Power. This alleged diversion of funds is said to have resulted in substantial wrongful losses for the lending banks, while simultaneously leading to wrongful gains for the accused individuals and related entities.

It's worth noting that Amit Bapna was already in judicial custody in Tihar jail, facing charges in a separate case being investigated by the Enforcement Directorate (ED). To secure his custody for the present investigation, the CBI obtained a production warrant from the court, allowing them to formally arrest him in connection with the Reliance ADA Group probe.

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