New Delhi/Mumbai, September 7: The Central Bureau of Investigation (CBI) has filed its first supplementary chargesheet in the Reliance Commercial Finance Ltd. (RCFL) case before the Special Court for CBI Cases in Mumbai, naming 17 accused persons, including senior executives of the Reliance ADA Group, several companies and bank officials.
According to the CBI, the chargesheet names Amitabh Jhunjhunwala, Group Managing Director of the Reliance ADA Group; Amit Bapna, Chief Financial Officer of Reliance Commercial Finance; and Ramesh Shenoy, Company Secretary of Reliance Infrastructure Ltd.
The agency has also chargesheeted eight companies, including Reliance Power Ltd., Big Flicks Pvt. Ltd., Reliance Big Entertainment Pvt. Ltd., Reliance Communications Ltd., Kunjbihari Developers Pvt. Ltd., Reliance Venture Asset Management Pvt. Ltd., Reliance Broadcast Network Ltd. and Reliance Telecom Ltd.
Besides them, six bank officials associated with Bank of Baroda, Punjab National Bank and Indian Overseas Bank have also been named as accused.
The accused have been chargesheeted for alleged offences relating to criminal conspiracy, criminal misappropriation and cheating under the Indian Penal Code, besides alleged offences under the Prevention of Corruption Act, 1988.
CBI Alleges Diversion of Borrowed Funds
The investigation conducted so far has revealed that funds borrowed by Reliance Commercial Finance Ltd. were allegedly diverted to the extent of Rs 6,229.54 crore through intermediary and conduit entities to various Reliance ADA Group companies.
The agency alleged that the diversion was carried out in violation of the terms and conditions governing the borrowings, resulting in wrongful loss to lending banks and financial institutions and corresponding wrongful gain to the accused persons and related entities.
Total Loss Estimated at Rs 9,280 Crore
The CBI said the case was registered on the basis of complaints received from Bank of Maharashtra and other public sector banks forming part of the consortium.
According to the agency, the total loss caused to banks, financial institutions and other lenders in the matter is estimated at approximately Rs 9,280 crore.
The CBI had earlier filed its first chargesheet on July 7, 2026, against seven accused persons. With the filing of the latest supplementary chargesheet, the total number of accused chargesheeted in the case has risen to 24, including individuals and companies.
The agency said that further investigation is continuing to ascertain the role of other accused persons.
Eight FIRs Registered Against Reliance Group Entities
The CBI further stated that its Banking Securities & Fraud Branch (BSFB), Delhi, has registered eight FIRs against Reliance Communications Ltd., Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., Reliance Telecom Ltd. and other Reliance ADA Group entities.
The FIRs were registered on the basis of complaints received from various public sector banks, LIC and EPFO.
The agency had previously filed five chargesheets in cases involving Reliance ADA Group entities. The latest supplementary chargesheet is the sixth chargesheet filed in these cases.
So far, the CBI has also arrested seven accused persons in the Reliance ADA Group-related cases.
Supreme Court Monitoring Investigation
The CBI said the investigation into these cases is being monitored by the Supreme Court of India.
The agency maintained that it remains committed to conducting an expeditious and comprehensive investigation into the alleged financial irregularities and the role of all concerned persons and entities.(KNC)
