Mumbai, July 9, 2026: The Central Bureau of Investigation (CBI) has filed the first chargesheet on Thursday in the Reliance Home Finance Limited (RHFL) case before the Special Judge for CBI cases, Mumbai, against Reliance Home Finance Limited (RHFL), two former senior executives of RHFL, 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.
Alleged Diversion Of Funds
The chargesheet is based on the investigation conducted by the CBI, which has revealed that funds borrowed by RHFL 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 said in a statement.
The CBI had registered the case on the basis of complaints received from Union Bank of India and other public sector banks in the consortium. The total loss caused to 10 public sector banks in 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. Supplementary chargesheets are expected to be filed in due course.
Probe Into Reliance Group Cases
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.
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The agency had earlier filed its first chargesheet in the Reliance Communications Limited (RCom) case on May 29 against 16 accused persons and the second chargesheet in the Reliance Commercial Finance Limited (RCFL) case on July 7 against seven accused persons.
The present chargesheet is the third chargesheet filed in the Reliance ADA Group cases. These cases are under investigation, and the investigation is being monitored by the Supreme Court, the statement added.
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