Overview
- The CBI produced Amit Bapna from Tihar Jail and on Saturday secured four days of custody to question him in its probe into transactions linked to the Reliance ADA Group.
- The agency alleges Bapna, who was Reliance Capital’s CFO from 2014 to 2019, approved loans to intermediary and conduit companies in breach of RBI rules and sanction conditions for public sector bank borrowings.
- A forensic audit cited by the CBI puts the alleged diversion at about Rs 9,280 crore and the agency has registered seven FIRs after complaints from public sector banks and LIC with 31 lenders reporting exposure.
- The probe has already produced chargesheets and earlier arrests and is being watched by the Supreme Court while defence lawyers argue some claims were settled in insolvency proceedings and that criminal provisions may not apply.
- Investigators say custodial questioning aims to map the money trail, identify other accused or public servants if any, and build evidence that could shape further arrests and recovery efforts for lenders.