Mumbai, September 8:The Central Bureau of Investigation (CBI) has filed its first supplementary chargesheet in the Reliance Commercial Finance Ltd. (RCFL) case before the Special CBI Court in Mumbai, naming 17 accused persons, including senior executives of the Reliance ADA Group, eight companies and six bank officials.
According to the CBI, the accused have been chargesheeted for alleged offences of criminal conspiracy, criminal misappropriation and cheating under the Indian Penal Code (IPC), besides alleged violations of the Prevention of Corruption Act, 1988.
Among the individuals named are 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 chargesheet also names eight companies, including Reliance Power Ltd., Big Flicks Pvt. Ltd., Reliance Big Entertainment Pvt. Ltd., Reliance Communications Ltd., Kunjibihari Developers Pvt. Ltd., Reliance Venture Asset Management Pvt. Ltd., Reliance Broadcast Network Ltd. and Reliance Telecom Ltd.
Six bank officials associated with Bank of Baroda, Punjab National Bank and Indian Overseas Bank have also been named as accused.
CBI alleges diversion of Rs 6,229.54 crore
The investigation conducted so far has allegedly revealed that funds borrowed by Reliance Commercial Finance Ltd. were diverted to the extent of approximately Rs 6,229.54 crore through intermediary and conduit entities to various Reliance ADA Group companies.
The CBI has alleged that the transactions were carried out in violation of the terms and conditions governing the borrowings. According to the agency, the alleged diversion resulted in wrongful loss to lending banks and financial institutions and corresponding wrongful gain to the accused persons and related entities.
Total alleged loss pegged at around 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 lending consortium.
The total loss allegedly caused to banks, financial institutions and other lenders has been estimated at approximately Rs 9,280 crore, according to the agency.
The CBI had earlier filed its first chargesheet on July 7, 2026, against seven accused persons. With the filing of the latest supplementary chargesheet, 24 accused persons, including individuals and companies, have now been chargesheeted in the case.
The agency said that further investigation is continuing to determine the role of other accused persons.
Eight FIRs registered against Reliance Group entities
The CBI’s Banking Securities and Fraud Branch (BSFB), Delhi, has registered eight FIRs against Reliance Communications Ltd. (RCom), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), Reliance Telecom Ltd. (RTL) 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 said.
The CBI had previously filed five chargesheets in cases involving Reliance ADA Group entities. The latest supplementary chargesheet is the sixth chargesheet filed in these cases.
Seven accused arrested so far
The investigating agency said it has so far arrested seven accused persons in the Reliance ADA Group-related cases.
The CBI further stated that the investigation into these matters is being monitored by the Supreme Court and that the agency remains committed to conducting an expedited and comprehensive probe into the cases.
