The Central Bureau of Investigation (CBI) has arrested the former Chief Financial Officer (CFO) of Reliance Capital Limited, Bapna, in connection with its ongoing probe into cases involving the Reliance ADA Group. The arrest was made on 4 July 2026.
CBI Alleges Key Role in Financial Management
The federal agency alleged that Bapna, who served as the CFO of Reliance Capital Limited from August 2014 to December 2019, was "one of the key decision makers responsible for managing the financial affairs of the company." The CBI has been investigating multiple cases related to financial irregularities within the Reliance ADA Group, which includes companies formerly led by Anil Ambani.
Details of the Investigation
The CBI's probe focuses on alleged misappropriation of funds, diversion of loans, and other financial malpractices. Bapna's role as CFO during the critical period places him at the center of the financial decisions under scrutiny. According to agency sources, the arrest follows extensive examination of documents and witness statements that pointed to Bapna's involvement in approving questionable transactions.
Impact on Reliance Capital and Group
This development adds to the legal challenges faced by the Reliance ADA Group. Reliance Capital, a non-banking financial company, has been undergoing a resolution process under the Insolvency and Bankruptcy Code. The arrest of a former top executive could further complicate the resolution efforts and impact creditor confidence.
Legal Proceedings and Next Steps
Bapna is expected to be produced before a special CBI court in Mumbai, where the agency will seek his custody for further interrogation. The defense is likely to argue that Bapna acted on the directions of the board and senior management. The CBI has indicated that more arrests are possible as the investigation deepens.
