No Relief for Amit Bapna: Delhi Court Rejects Bail in Massive RHFL Money Laundering Case
A Delhi court has rejected Amit Bapna's bail plea in a massive money laundering case involving RHFL and RCFL and losses of thousands of crores.
In a significant blow to the accused, the Rouse Avenue court has dismissed the bail application of Amit Bapna, who is embroiled in a high-stakes money laundering investigation involving Reliance Housing Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). The court's decision comes amidst allegations of staggering financial irregularities and the misuse of public funds.
The Court's Verdict
Special CBI Judge Vishal Pahuja delivered the order after hearing detailed arguments from both the defense and the prosecution. After reviewing the submissions, the judge stated that there were insufficient grounds to release the accused on bail at this stage, leading to the formal dismissal of the application on October 15.
The Defense: 'Just Following Orders'
Senior counsel representing Amit Bapna attempted to frame him as a professional employee who was merely executing the will of his superiors. The primary arguments presented by the defense included:
- Lack of Authority: Bapna was allegedly operating under the direct control and instructions of the prime accused, Amitabh Jhunjhunwala.
- No Personal Gain: The defense argued that Bapna was not a beneficiary of any "proceeds of crime" and that the prosecution had failed to provide evidence showing he profited from the alleged scams.
- Procedural Compliance: It was claimed that all transactions were conducted following standard protocols and that there was no element of fraud or inducement on Bapna's part.
- No Role in Layering: The counsel asserted that the accused did not participate in the layering of illicit funds nor was he instrumental in generating them.
The ED's Counter: A 'Central Point of Contact'
The Enforcement Directorate (ED), represented by Senior Advocate Zoheb Hossain and Pranjal Tripathi, painted a very different picture. The ED argued that Bapna's role was pivotal due to his high-ranking positions. He served as the Chief Financial Officer (CFO) of Reliance Capital Limited (R-CAP)—the parent company—as well as the Director and CFO of RHFL.
The ED highlighted a critical point: while Bapna did not hold a formal directorship in RCFL, his role as CFO of the parent company allowed him to exercise immense control and supervision over RCFL's financial affairs, making him the primary link between the CEOs of the subsidiaries and the directors of R-CAP.
The Scale of the Alleged Fraud
The prosecution presented startling figures to justify the denial of bail, alleging that Bapna's signatures were on documents that led to massive losses:
- RHFL Loans: Bapna allegedly signed 72 credit appraisal memos (CAMs) approving loans totaling Rs. 6,000 crores to shell companies. These loans were later written off or declared Non-Performing Assets (NPAs).
- RCFL Loans: Despite not being on the credit committee or holding a directorship in RCFL, the ED claims Bapna unauthorizedly approved 60 corporate loans exceeding Rs. 6,500 crores to shell entities, which also ended up as NPAs.
Economic Impact and Legal Standing
The ED emphasized that this is not a minor financial discrepancy but a "serious economic offence." According to the agency, the proceeds of crime in this case extend to approximately Rs. 15,548 crores, an amount they claim has had an adverse impact on the national economy.
Bapna was arrested by the ED in April 2026 and has been charge-sheeted along with Amitabh Jhunjhunwala and 53 other individuals and firms. While Jhunjhunwala was previously granted bail by the Delhi High Court on medical grounds, the court found no such justification for Bapna's release given the magnitude of the allegations.