The Central Bureau of Investigation has filed a second chargesheet before a Special CBI Court in Mumbai in connection with an alleged fund diversion of ₹7,429.16 crore involving Reliance Home Finance Limited. Submitted on October 1, 2026, the final report names 11 new accused, comprising three senior executives associated with the Reliance ADA Group, seven companies, and a private chartered accountant who acted as the statutory auditor for RHFL. The accused face charges under the Indian Penal Code for alleged criminal conspiracy and cheating, taking the total number of individuals and corporate entities named in the case to 15 following an initial chargesheet submitted in July.
Focus on Senior Group Executives and Corporate Entities
The executives named in the supplementary chargesheet include Amit Bapna, Director and Chief Financial Officer of RHFL; Amitabh Jhunjhunwala, Group Managing Director and Vice Chairman of Reliance Capital Limited; and Suresh Nagarajan, Chief Financial Officer of Reliance Power Limited. The investigating agency has also arraigned seven corporate entities: Reliance Infrastructure Limited, Reliance Power Limited, Reliance Big Entertainment Private Limited, Reliance Broadcast Network Limited, Reliance Business Broadcast News Holdings Limited, Reliance MediaWorks Financial Services Private Limited, and Kunjbihari Developers Private Limited. Additionally, private chartered accountant Vijay Napavalia, who served as RHFL’s statutory auditor, has been formally charged.
Diversion via Conduit Firms and Breach of Loan Conditions
According to the CBI, funds amounting to approximately ₹7,429.16 crore borrowed by RHFL were siphoned off to various entities tied to the Reliance ADA Group through intermediary and shell conduit companies. The agency stated that these financial manoeuvres were executed in direct violation of terms and conditions laid down by consortium lenders. Investigators alleged that the diversion caused substantial wrongful losses to public sector banks and financial institutions, while generating undue pecuniary advantages for the accused executives and their affiliated firms. The probe examined the trail of borrowed funds, the roles of intermediaries, and the structure of the underlying transactions.
Broadening Scrutiny Across Nine Separate Group Inquiries
The case stems from complaints lodged by Union Bank of India, formerly Andhra Bank, along with other public sector lenders forming the credit consortium, which led to the first chargesheet against four accused on July 9, 2026. The wider investigation falls under the CBI’s Bank Securities and Fraud Branch in Delhi, which has registered nine FIRs against multiple Reliance ADA Group entities, including Reliance Communications Limited, Reliance Commercial Finance Limited, Reliance Telecom Limited, Reliance Capital Limited, and RHFL. These cases arose from complaints by state-run banks, the Life Insurance Corporation of India, and the Employees’ Provident Fund Organisation. Across these matters, which remain under direct Supreme Court monitoring, the agency has filed seven chargesheets, arrested seven individuals, and confirmed that further inquiries into remaining roles and allegations continue.
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