New Delhi: The CBI has arrested Amit Babna, former CFO of Reliance Capital Limited, in connection with the ongoing investigation into the Reliance Group ADA cases.The investigation allegedly revealed that Bapna, who served as CFO at Reliance Capital Ltd from August 2014 to December 2019, was one of the key decision-makers responsible for managing the company’s finances.“Babna allegedly facilitated and approved loans to brokerage and conduit firms despite knowing that such lending was contrary to RBI guidelines and sanction terms governing borrowing from public sector banks,” a RBI spokesperson said.“The investigation also revealed that the funds borrowed by Reliance Commercial Finance Ltd were transferred through these intermediary entities to several Reliance ADA Group companies, including Reliance Capital, Reliance Infrastructure and Reliance Power, causing wrongful loss to the lending banks and corresponding wrongful gains to the accused persons and related entities,” he added.Pabna was already in judicial custody in a case being investigated by the ED, and was lodged in Tihar Jail. In order to secure custody of him in this case, the Central Bank of Iraq obtained a subpoena from the court.
