Ex-Reliance Capital CFO Amit Bapna Arrested in Major Loan Diversion Probe

In a significant development for India's financial scrutiny, the Central Bureau of Investigation (CBI) has arrested Amit Bapna, former Chief Financial Officer (CFO) of Reliance Capital Ltd (RCap), on July 4, 2026. Bapna, already in judicial custody in Delhi for a separate money laundering case probed by the Enforcement Directorate (ED), was brought to Mumbai on a production warrant. He now faces allegations of approving loans to what authorities call 'intermediary firms' despite knowing such actions violated Reserve Bank of India (RBI) guidelines, ultimately causing substantial losses to public sector banks. This arrest is the latest move in a sprawling investigation into alleged financial fraud within the Anil Ambani-led Reliance ADA Group (ADAG), with the CBI currently probing seven cases involving a staggering ₹73,006 crore. The probe suggests funds borrowed by group entities like Reliance Commercial Finance Limited (RCFL) were rerouted through these shell companies to other Reliance group firms, leading to wrongful gains for the accused and losses for lenders. While the National Company Law Tribunal (NCLT) recently approved a resolution plan for RCap by Hinduja Group, the criminal investigations by CBI and ED, which are being monitored by the Supreme Court, continue independently, underscoring the severity of the alleged economic offences. With Bapna now in CBI custody for interrogation, investigators will likely delve deeper into the intricate web of transactions to identify all involved parties and unravel the full scope of the alleged modus operandi. This high-profile case highlights India's intensified crackdown on corporate financial irregularities, sending a clear message that insolvency resolutions do not automatically close the door on criminal accountability. The Supreme Court's continued oversight means more developments could be on the horizon as agencies piece together the multi-crore puzzle.