CBI arrests Reliance Capital ex-CFO Amit Bapna over alleged diversion
Amit Bapna, who was Reliance Capital's chief financial officer (CFO) from August 2014 to December 2019, has been arrested by the Central Bureau of Investigation (CBI) over accusations of diverting funds borrowed by a group company.
Investigators say he approved loans to intermediary firms that broke Reserve Bank of India (RBI) rules and public bank agreements, with the money eventually ending up in other Reliance ADA Group companies.
Bapna in Tihar, CBI widens probe
Bapna was already in Tihar Jail for a separate Enforcement Directorate (ED) case before this arrest.
The CBI says these actions led to big losses for lenders and is digging into wider financial irregularities across several Reliance ADA Group firms.
Multiple first information reports (FIRs) have been filed, and Bapna will be questioned further as the probe continues under Supreme Court supervision.