The CBI on July 9 filed the first chargesheet in the Reliance Home Finance Limited (RHFL) case before a special court in Mumbai, against four accused.
The accused are Reliance Home Finance Limited (RHFL), two former senior executives of the company namely Ravindra Sudhalkar (Executive Director & CEO) and Krishanan Gopalakrishnan Iyer (Chief Risk Officer) and former senior executive of Reliance Capital Ltd, Dhananjay Bhagwanprasad Tiwari (Chief Credit & Risk Officer) for offences of criminal conspiracy and cheating with intent to cause huge losses to public sector banks.
The chargesheet is based on the investigation conducted by the CBI, which has revealed that funds borrowed by Reliance Home Finance Limited were diverted through intermediary and conduit entities to various Reliance ADA Group companies, in violation of the terms and conditions governing such borrowings, thereby causing wrongful loss to the lending banks and corresponding wrongful gain to the accused persons and related entities.
The CBI had registered the case on the basis of complaints received from Union Bank of India and other PSU banks of the consortium. The total loss caused to 10 state-owned banks of the consortium is Rs 3,526.35 crore.
Further investigation has been kept open to ascertain the role of other directors, entities and public servants involved in causing wrongful loss to the public sector banks and supplementary chargesheets are expected to be filed in due course, sources said.
The CBI has so far arrested two accused in the case, namely Ravindra Sudhalkar, former CEO, and Amit Bapna, former Director of RHFL. Both are in judicial custody.
The CBI has registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) on the basis of complaints received from various Public Sector Banks and LIC.
The CBI had earlier filed its first chargesheet in the Reliance Communications Limited (RCom) case on May 29, 2026 against 16 accused and a second chargesheet in the Reliance Commercial Finance Limited (RCFL) on July 7 against seven accused.
The present chargesheet is the third filed in the Reliance ADA Group cases.
These cases are under investigation, and the investigation is being monitored by the Supreme Court.
