CBI has filed the first chargesheet in the Reliance Home Finance Limited (RHFL) case against the company and 3 former officials. They are accused of causing a loss of ₹3526.35 crore to public sector banks through criminal conspiracy and fraud.
First charge sheet filed against four accused
New Delhi [भारत]July 10 (ANI): The Central Bureau of Investigation (CBI) has filed the first chargesheet before a special CBI court in Mumbai in the Reliance Home Finance Limited (RHFL) case. The charge sheet is against four accused, including Reliance Home Finance Limited (RHFL), two former senior executives of RHFL – Ravindra Sudhalkar (executive director and CEO) and Krishnan Gopalakrishnan Iyer (chief risk officer) and former senior executive of Reliance Capital Limited Dhananjay Bhagwanprasad Tiwari (chief credit and risk officer). They are accused of criminal conspiracy and fraud with the intention of causing huge losses to public sector banks.
This charge sheet filed on Thursday is based on the investigation conducted by the CBI. The agency said funds borrowed by Reliance Home Finance Ltd were diverted to various Reliance ADA group companies through intermediary and conveyance entities. This was in violation of the terms and conditions governing these loans, causing wrongful loss to the lending banks and wrongful benefit to the accused persons and the concerned entities.
Loss of ₹3526 crore to banks, investigation ongoing
It may be recalled that the CBI had registered this case on the basis of complaints received from Union Bank of India and other PSU banks in the consortium. The 10 public sector banks of the consortium have suffered a total loss of Rs 3526.35 crore. Further investigation is being continued to ascertain the role of other directors, entities and public servants involved in causing wrongful loss to the public sector banks. It is expected that supplementary charge sheets will also be filed in the coming time.
Two accused arrested so far
The CBI has so far arrested two accused in this case, former RHFL CEO Ravindra Sudhalkar and former director Amit Bapna. Both the accused are currently in judicial custody.
Many cases registered against Reliance ADA Group
It may also be recalled that 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) based on complaints received from various public sector banks and LIC. The CBI had earlier filed its first chargesheet against 16 accused in the Reliance Communications Limited (RCom) case on May 29, 2026, and the second chargesheet against seven accused in the Reliance Commercial Finance Limited (RCFL) case on July 7, 2026. The current chargesheet is the third chargesheet filed in the Reliance ADA Group cases. (ANI)
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