NEW DELHI: CBI has arrested Amit Bapna, former chief financial officer of Reliance Capital Ltd, in connection with the ongoing investigation into the Reliance ADA Group cases.Investigation has allegedly revealed that Bapna, who served as CFO at Reliance Capital Ltd from Aug 2014 to Dec 2019, was one of the key decision-makers responsible for managing company’s financial affairs.“Bapna allegedly facilitated and approved loans to intermediary and conduit companies despite being aware that such lending was contrary to RBI guidelines and the sanction conditions governing borrowings from public sector banks,” a CBI spokesperson said.“Investigation further revealed that funds borrowed by Reliance Commercial Finance Ltd were diverted through such intermediary entities to various Reliance ADA Group companies, including Reliance Capital, Reliance Infrastructure and Reliance Power, thereby causing wrongful loss to the lending banks and corresponding wrongful gain to the accused persons and related entities,” it added.Bapna was already in judicial custody in a case being investigated by ED, and was lodged in Tihar jail. In order to secure his custody in the present case, the CBI obtained production warrant from court.
