New Delhi: The Central Bureau of Investigation (CBI) has filed its second chargesheet in the alleged ₹9,280-crore bank loan fraud case involving Reliance Commercial Finance Limited.
The supplementary chargesheet, filed before a special court in Mumbai on Monday, names 17 additional accused, including three former senior executives associated with the Reliance ADA Group, eight companies and six officials from Bank of Baroda, Punjab National Bank and Indian Overseas Bank. Industrialist Anil Ambani, however, has not been named as an accused in the chargesheet.
According to the CBI, its investigation so far has found that ₹6,229.54 crore raised by Reliance Commercial Finance Limited was allegedly transferred through intermediary and conduit entities to various companies associated with the Reliance ADA Group. The agency alleges that these transactions violated the terms and conditions governing the loans, causing financial losses to lenders while allegedly providing wrongful gains to the accused and related entities.
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Three Former Senior Executives Named
The second chargesheet names former Reliance ADA Group managing director Amitabh Jhunjhunwala, former Reliance Commercial Finance chief financial officer Amit Bapanna and Reliance Infrastructure Limited company secretary Ramesh Shenoy as accused.
The CBI has alleged that the three officials were involved with other accused persons in a criminal conspiracy connected with the alleged diversion of funds. The charges include offences relating to criminal conspiracy, cheating and criminal misappropriation under the Indian Penal Code, along with provisions of the Prevention of Corruption Act, 1988.
Eight Companies Also Named
Eight companies have also been named as accused in the supplementary chargesheet. They are Reliance Power Limited, Reliance Communications Limited, Reliance Telecom Limited, Reliance Big Entertainment Private Limited, Big Flix Private Limited, Kunjbihari Developers Private Limited, Reliance Venture Asset Management Private Limited and Reliance Broadcast Network Limited.
The investigating agency alleges that loan proceeds were routed through intermediary entities and subsequently transferred to various group companies. The CBI is examining the complete trail of these transactions and the role played by each individual and corporate entity involved.
Six Bank Officials Under Investigation
Six officials associated with Bank of Baroda, Punjab National Bank and Indian Overseas Bank have also been named as accused. The CBI alleges that the officials either acted in alleged collusion with individuals linked to the Reliance ADA Group or failed to properly flag and prevent questionable financial transactions.
According to the agency, the role of the bank officials is being examined to determine what happened at the banking level during loan approvals, fund transfers and the alleged irregular transactions.
Estimated Loss of Around ₹9,280 Crore
The CBI registered the case following complaints from Bank of Maharashtra and other public sector banks that were part of the lending consortium. According to the agency’s assessment, banks, financial institutions and other lenders suffered an overall loss of approximately ₹9,280 crore.
Of this amount, the investigation has specifically traced the alleged diversion of ₹6,229.54 crore. The agency is examining how the money was ultimately used, how it moved between different entities and the role of the officials and executives involved in the transactions.
First Chargesheet Filed in July
The CBI had filed its first chargesheet in the case on July 7, 2026, against seven accused. With the filing of the supplementary chargesheet naming 17 additional accused, the total number of individuals and companies chargesheeted in the case has now risen to 24.
The case forms part of a wider investigation into several companies associated with the Reliance ADA Group. The CBI’s Delhi-based Banking Securities and Fraud Branch had registered multiple FIRs involving Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited, Reliance Telecom Limited and other group entities based on complaints received from public sector banks, the Life Insurance Corporation of India and the Employees’ Provident Fund Organisation.
Anil Ambani Not Named in Second Chargesheet
Anil Ambani has not been named as an accused in the second chargesheet. However, the investigation into the case remains ongoing, and the CBI is examining the roles of other directors, officials and entities.
The absence of Ambani’s name from the present chargesheet does not by itself indicate that the entire investigation concerning other individuals is complete. Further action will depend on the evidence gathered during the continuing probe.
For now, the supplementary chargesheet puts three former senior executives, eight companies and six bank officials under criminal investigation, while the court will consider the allegations and evidence presented by the agency. The continuing investigation is expected to establish the financial trail behind the alleged ₹9,280-crore loss and determine the specific roles of those involved in the alleged diversion of ₹6,229.54 crore.
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