Four‑Day Custody Ordered for Amit Bapna in Multi‑Billion Rupee Scam

In a significant development on July 4, the Central Bureau of Investigation secured a four‑day custodial remand for former Reliance Capital CFO Amit Bapna. The remand follows his arrest by the agency in connection with a massive bank fraud alleged to involve billions of rupees.

The CBI alleges that between 2014 and 2019, Bapna facilitated the approval of loans to a chain of inter‑mediary firms and sham companies, a move that ran counter to the Reserve Bank of India's regulatory framework and the loan conditions set by public sector lenders. Funds borrowed by Reliance Commercial Finance Ltd were allegedly funneled through these entities to various arms of the Reliance ADA umbrella, including Reliance Infrastructure and Reliance Power, resulting in financial losses for the banks.

Bapna was already under judicial custody for a separate case handled by the Enforcement Directorate, being held at Delhi's Tihar Jail. After the CBI presented a production warrant to a special CBI court in Mumbai, the court ordered his formal arrest and stipulated a four‑day period of police custody for interrogation.

Overall, the CBI has filed seven FIRs against several Reliance subsidiaries on the basis of complaints from public sector banks and the Life Insurance Corporation. The Supreme Court is overseeing the investigations. Bapna's arrest raises the total number of arrests in the ongoing Reliance ADA investigations to six, with the probe continuing.