CBI Files Second Chargesheet Against 11 Accused in Reliance Home Finance Case
Mumbai, October 1, 2026: The Central Bureau of Investigation (CBI) has filed its second chargesheet in the Reliance Home Finance Ltd. (RHFL) case, naming 11 accused persons, including senior executives associated with the Reliance ADA Group, seven companies and a private individual.
The chargesheet was filed on October 1, 2026, before the Special Judge for CBI Cases in Mumbai. The accused have been booked for alleged offences relating to criminal conspiracy and cheating under the Indian Penal Code (IPC).
Among those named in the latest chargesheet are Amit Bapna, Director and Chief Financial Officer of Reliance Home Finance Ltd.; Amitabh Jhunjhunwala, Group Managing Director and Vice Chairman of Reliance Capital Ltd.; and Suresh Nagarajan, Chief Financial Officer of Reliance Power Ltd.
The CBI has also chargesheeted Reliance Infrastructure Limited, Reliance Power Ltd., Reliance Big Entertainment Pvt. Ltd., Reliance Broadcast Network Limited, Reliance Business Broadcast News Holdings Ltd., Reliance MediaWorks Financial Services Pvt. Ltd. and Kunjbihari Developers Pvt. Ltd. The eleventh accused is Vijay Napawaliya, a chartered accountant and statutory auditor of Reliance Home Finance Ltd.
Alleged diversion of Rs 7,429 crore
According to the CBI investigation conducted so far, funds amounting to approximately Rs 7,429.16 crore, which had been borrowed by Reliance Home Finance Ltd., were allegedly diverted through intermediary and conduit entities to various companies associated with the Reliance ADA Group.
The agency alleges that these transactions were carried out in violation of the terms and conditions imposed by the lending banks and financial institutions. The alleged diversion is being investigated as a financial arrangement that resulted in wrongful loss to the lending institutions and corresponding wrongful gain to the accused persons and related entities.
The investigation is examining how the borrowed funds were routed, the role of intermediary entities and the involvement of individuals and companies allegedly connected with the transactions.
Second chargesheet in the case
The CBI had originally registered the case following complaints received from Union Bank of India, formerly Andhra Bank, and other public sector banks that were part of the lending consortium.
The agency filed its first chargesheet on July 9, 2026, naming four accused persons. With the latest filing, the total number of individuals and companies chargesheeted in the RHFL case has risen to 15, including senior officials and group companies.
The CBI said that its investigation is still underway. The agency is continuing to examine the role of other suspected individuals and entities and is also looking into additional allegations that have surfaced during the probe.
Wider Reliance ADA Group investigation
The RHFL matter forms part of a larger investigation by the CBI into several companies associated with the Reliance ADA Group. The CBI’s Banking, Securities and Financial Frauds Branch (BSFB), Delhi, has registered nine FIRs concerning Reliance Communications Ltd. (RCom), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), Reliance Telecom Ltd. (RTL) and Reliance Capital Ltd. (RCL).
These cases were registered on the basis of complaints received from various public sector banks, the Life Insurance Corporation of India (LIC) and the Employees’ Provident Fund Organisation (EPFO).
Before the latest filing, the CBI had submitted six chargesheets in different cases involving the Reliance ADA Group. The present filing is described by the agency as the seventh chargesheet in the broader group of cases.
So far, the CBI has also arrested seven accused persons in connection with these investigations.
Investigation under Supreme Court monitoring
The investigations into these cases are being monitored by the Supreme Court, adding significance to the CBI’s ongoing probe.
The agency has said it remains committed to carrying out a comprehensive and time-bound investigation. Further action could follow as investigators continue to trace the movement of funds, examine financial records and determine the roles of other individuals and entities allegedly connected with the cases.
The allegations mentioned in the chargesheet are subject to judicial proceedings, and the investigation into the remaining aspects of the case is continuing.
News source: Information for this article was gathered from a variety of reliable news outlets.
