CBI Files First Chargesheet in ₹3,526 Crore Reliance Home Finance Fraud Case, Names Four Accused
Mumbai, July 9, 2026: The Central Bureau of Investigation (CBI) has filed its first chargesheet in the alleged ₹3,526.35-crore bank fraud case involving Reliance Home Finance Limited (RHFL), marking a significant development in the ongoing investigation into financial irregularities linked to the Reliance ADA Group.
The chargesheet was filed on July 9, 2026, before the Special Judge for CBI Cases in Mumbai. It names four accused, including Reliance Home Finance Limited, two former senior executives of the company and a former senior executive of Reliance Capital Limited. The accused have been charged with alleged criminal conspiracy and cheating in connection with the diversion of borrowed funds, which reportedly caused substantial financial losses to a consortium of public sector banks.
Four Accused Named in the Chargesheet
According to the CBI, the chargesheet names the following individuals and entity:
- Reliance Home Finance Limited (RHFL)
- Ravindra Sudhalkar, former Executive Director and Chief Executive Officer (CEO) of RHFL
- Krishanan Gopalakrishnan Iyer, former Chief Risk Officer of RHFL
- Dhananjay Bhagwanprasad Tiwari, former Chief Credit and Risk Officer of Reliance Capital Limited
The agency alleges that the accused were involved in a conspiracy that resulted in wrongful losses to public sector banks that had extended financial assistance to RHFL.
CBI Investigation Reveals Alleged Diversion of Borrowed Funds
During its investigation, the CBI reportedly found that funds borrowed by Reliance Home Finance Limited from a consortium of banks were allegedly diverted through intermediary and conduit entities to various companies associated with the Reliance ADA Group.
According to the agency, these transactions were carried out in violation of the terms and conditions under which the loans had been sanctioned. The alleged diversion of funds resulted in wrongful losses to the lending banks, while providing corresponding wrongful gains to the accused persons and related entities.
The CBI has stated that the alleged financial irregularities had a significant impact on the banks involved in the lending arrangement.
Ten Public Sector Banks Suffer Alleged Loss of ₹3,526.35 Crore
The case was registered by the CBI following complaints received from Union Bank of India and other public sector banks that were part of the lending consortium.
As per the complaints and the agency’s investigation, the total alleged loss suffered by the consortium of 10 public sector banks stands at approximately ₹3,526.35 crore.
The investigation is focused on identifying how the borrowed funds were allegedly transferred, the entities involved in the transactions and the individuals who may have played a role in the suspected financial misconduct.
Two Former RHFL Officials Arrested
The CBI has so far arrested two accused persons in connection with the case. They are Ravindra Sudhalkar, former CEO of RHFL, and Amit Bapna, former Director of the company.
Both individuals are currently in judicial custody, according to the agency.
The filing of the first chargesheet represents an important step in the investigation. However, the CBI has clarified that its probe is still continuing and that further action may follow as additional evidence and information emerge.
Further Probe Into Other Directors, Companies and Public Servants
The investigating agency has kept the investigation open to examine the possible involvement of other directors, companies, entities and public servants who may have contributed to the alleged diversion of funds and the resulting losses to public sector banks.
The CBI is also examining the wider network of financial transactions and the roles played by different individuals and organisations. The agency has indicated that supplementary chargesheets are likely to be filed as the investigation progresses and additional evidence is collected.
Third Chargesheet in Wider Reliance ADA Group Bank Fraud Cases
The RHFL case is part of a broader investigation into alleged financial irregularities involving companies associated with the Reliance ADA Group.
The CBI has registered seven separate 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 the Life Insurance Corporation of India (LIC).
Before filing the present chargesheet, the agency had taken the following steps:
- Reliance Communications Limited (RCom): The CBI filed its first chargesheet on May 29, 2026, naming 16 accused persons.
- Reliance Commercial Finance Limited (RCFL): A chargesheet was filed on July 7, 2026, against seven accused persons.
- Reliance Home Finance Limited (RHFL): The latest chargesheet, filed on July 9, 2026, is the first in the RHFL case.
With the latest filing, the CBI has now submitted three chargesheets across the wider Reliance ADA Group-related bank fraud investigations.
Supreme Court Monitoring the Investigation
The CBI has stated that all these cases remain under investigation and that the proceedings are being monitored by the Supreme Court of India.
The agency has reiterated its commitment to carrying out a comprehensive and time-bound investigation into the alleged financial irregularities. Further chargesheets may be filed as investigators examine additional evidence and establish the possible involvement of other individuals and entities.
The latest chargesheet brings the alleged ₹3,526.35-crore RHFL bank fraud case into a new phase, while the wider investigation into the Reliance ADA Group-related cases continues.
Note: The allegations mentioned in the chargesheet are subject to judicial proceedings. The accused are presumed innocent unless proven guilty in a court of law.
News Source: Central Bureau of Investigation (CBI) – Official Press Release
