CBI Files Second Chargesheet in Reliance Home Finance Case, Names 11 Accused
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 charged with alleged offences of criminal conspiracy and cheating under the Indian Penal Code (IPC).
Among the individuals 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 named seven companies as accused in the case. These are 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 11th accused is Vijay Napawaliya, a chartered accountant who served as the statutory auditor of Reliance Home Finance Ltd.
CBI alleges diversion of Rs 7,429.16 crore
According to the CBI, the investigation carried out so far has revealed that 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 belonging to or associated with the Reliance ADA Group.
The agency has alleged that the movement of these funds was carried out in violation of the terms and conditions laid down by the lending banks and financial institutions.
The CBI’s investigation is examining how the funds were allegedly routed through different entities and the roles played by the accused individuals and companies in these transactions. According to the agency, the alleged diversion resulted in wrongful loss to lending banks and financial institutions, while allegedly providing corresponding wrongful gains to the accused persons and related entities.
The financial trail and the transactions involving the intermediary entities are among the key aspects being examined as part of the investigation.
First chargesheet was filed in July
The CBI had registered the case following complaints submitted by 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, against four accused persons.
With the filing of the latest chargesheet, the total number of accused persons and entities chargesheeted in the RHFL case has risen to 15, including senior officials and group companies.
The CBI has clarified that its investigation is not yet over. Investigators are continuing to examine the role of other suspected individuals and entities and are also looking into additional allegations connected with the case.
Part of a wider Reliance ADA Group probe
The RHFL case is part of a broader set of investigations being conducted by the CBI into companies associated with the Reliance ADA Group.
The CBI’s Banking, Securities and Financial Frauds Branch (BSFB), Delhi, has registered nine FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Reliance Telecom Limited (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).
The agency had earlier filed six chargesheets in different cases relating to the Reliance ADA Group. The latest filing is therefore the seventh chargesheet in the wider group of cases.
The CBI has so far arrested seven accused persons across these investigations.
Supreme Court monitoring the investigation
The investigations into these cases are being monitored by the Hon’ble Supreme Court, adding further significance to the ongoing probe.
The CBI has stated that it remains committed to conducting a comprehensive and expeditious investigation. The agency is continuing to trace the movement of funds, examine financial records and establish the roles of other individuals and entities who may have been involved.
Further action is expected as the investigation progresses and additional evidence is examined.
The allegations contained 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.
