The Central Bureau of Investigation (CBI) filed its first chargesheet in the Reliance Home Finance Limited (RHFL) case on July 9, 2026, before a special court in Mumbai. The chargesheet names four accused: RHFL itself, former Executive Director and CEO Ravindra Sudhalkar, former Chief Risk Officer Krishanan Gopalakrishnan Iyer, and former Chief Credit and Risk Officer of Reliance Capital Ltd, Dhananjay Bhagwanprasad Tiwari. They are charged with criminal conspiracy and cheating with intent to cause substantial losses to public sector banks.
Investigation Reveals Fund Diversion
The CBI's investigation uncovered that funds borrowed by RHFL were diverted through intermediary and conduit entities to various Reliance ADA Group companies. This diversion violated the terms and conditions governing the borrowings, resulting in wrongful loss to the lending banks and corresponding wrongful gain to the accused and related entities. The total loss caused to 10 state-owned banks in the consortium amounts to Rs 3,526.35 crore.
The case was registered based on complaints from Union Bank of India and other PSU banks in the consortium. The CBI has kept the investigation open to ascertain the role of other directors, entities, and public servants involved. Supplementary chargesheets are expected to be filed in due course, according to sources.
Arrests and Related Cases
So far, the CBI has arrested two accused: Ravindra Sudhalkar, former CEO of RHFL, and Amit Bapna, former Director of RHFL. Both are currently in judicial custody. The agency has registered seven FIRs against Reliance Communications Limited (RCom), RHFL, Reliance Commercial Finance Limited (RCFL), and Reliance Telecom Limited (RTL) based on complaints from various PSU banks and LIC.
Earlier, the CBI filed its first chargesheet in the Reliance Communications case on May 29, 2026, against 16 accused, and a second chargesheet in the Reliance Commercial Finance case on July 7 against seven accused. The present chargesheet is the third in the Reliance ADA Group cases. These cases are under investigation and are being monitored by the Supreme Court.
