New Delhi [India], October 20 (ANI): The Rouse Avenue court has dismissed the bail plea of Amit Bapna in a money laundering case. He is an accused in the Reliance Housing Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) Money Laundering case.
His bail plea was opposed by the ED, submitting that there are serious allegations of money laundering against the accused.
He has been charge-sheeted by the Enforcement Directorate (ED) along with Amitabh Jhunjhunwala and 53 others, including firms. Jhunjhunwala has already been granted bail on medical grounds by the Delhi High Court. They were arrested by the ED in April 2026.
Special CBI Judge Vishal Pahuja dismissed the bail plea of Amit Bapna after hearing the submissions of his counsel and the Special Public Prosecutor (SPP) for the Enforcement Directorate.
"In view of the observations above, this Court does not find sufficient grounds to enlarge the accused/applicant on bail at this stage. Accordingly, the application stands dismissed," the Special Judge ordered on October 15.
Senior Advocate for Amit Bapna argued that the applicant/accused was functioning and operating directly under the control of the prime accused, Amitabh Jhunjhunwala, and he has no connection with the crime in question as he was following the instructions professionally being the employee of RHFL.
It was further argued that the applicant/accused is not a beneficiary of any proceeds of crime in any manner which is clear from the prosecution complaint, as no evidence to that effect could be gathered by the Directorate of Enforcement.
Senior counsel for the accused also argued that Bapna has neither participated in layering of any proceeds of crime nor has he benefited from the same.
It was further argued that the prosecution has failed to collect any cogent evidence or material
to attribute criminality on the part of the accused. The accused has never been instrumental in layering or generating any proceeds of crime.
It was further submitted that all the transactions were made by following due procedure and protocol that have no element of fraud or inducement to implicate the accused in the present case.
While opposing the bail plea of Bapna, Senior Advocate Zoheb Hossain, appearing for ED, argued that the accused was Chief Financial Officer of M/s Reliance Capital Limited (R-CAP), parent company of RHFL and RCFL and also a director and CFO of RHFL at the relevant period of time.
The ED further argued that though the accused was not holding any managerial position or directorship in RCFL, being CFO of R-CAP, he exercised control and supervision over the financial affairs of RCFL as well, making him a central point of contact between RHFL/RCFL CEOs and Directors of R-CAP.
Senior counsel Hossain, assisted by Pranjal Tripathi, submitted that the accused signed
72 credit appraisal memos (CAMs) approving loans amounting to Rs. 6,000 crores to shell entities which were later declared NPA or written off by RHFL, thereby causing huge loss of public money.
Similarly, despite not holding any position of Director or part of the credit committee, the accused in an unauthorised manner approved 60 corporate loans amounting to more than Rs. 6500 crores to shell entities which were later classified as NPA or written off by RCFL, thereby causing enormous loss of public money, the ED submitted.
Senior counsel for the ED argued that Bapna is involved in a serious economic offence of money laundering involving an enormous amount of public money, and the proceeds of crime extend to approximately Rs. 15,548 crores, which has an adverse impact on the economy of the country.
It was further argued that a person involved in an offence of such a magnitude should not be granted the relief of bail. (ANI)
Delhi court denies bail to Amit Bapna in RHFL, RCFL money laundering case
