Face2News/Mumbai
The Central Bureau of Investigation (CBI) has filed the first supplementary chargesheet today in the Reliance Commercial Finance Ltd. (RCFL) case before the Hon’ble Special Judge for CBI Cases, Mumbai, against 17 accused persons, including three executives of the Reliance ADA Group, namely Amitabh Jhunjhunwala, Group Managing Director of the Reliance ADA Group; Amit Bapna, CFO, RCL; and Ramesh Shenoy, Company Secretary, Reliance Infrastructure Ltd.; eight companies, namely Reliance Power Ltd., Big Flicks Pvt. Ltd., Reliance Big Entertainment Pvt. Ltd., Reliance Communications Ltd., Kunjbihari Developers Pvt. Ltd., Reliance Venture Asset Management Pvt. Ltd., Reliance Broadcast Network Ltd. and Reliance Telecom Ltd.; and six bank officials associated with Bank of Baroda, Punjab National Bank and Indian Overseas Bank. The accused have been chargesheeted for offences of criminal conspiracy, criminal misappropriation and cheating under the IPC, along with offences under the Prevention of Corruption Act, 1988.
Investigation so far, has revealed that funds borrowed by Reliance Commercial Finance Ltd. were allegedly diverted to the extent of Rs. 6,229.54 crore through intermediary and conduit entities to various Reliance ADA Group companies in violation of the terms and conditions governing such borrowings, thereby causing wrongful loss to the lending banks and financial institutions and corresponding wrongful gain to the accused persons and related entities.
It may be recalled that the CBI had registered the case based on complaints received from Bank of Maharashtra and other Public Sector Banks of the consortium. The total loss caused to all banks, financial institutions and other lenders is approximately Rs. 9,280 crores. The first chargesheet was filed in the case on 07.07.2026 against seven accused persons. With the filing of the present supplementary chargesheet, a total of 24 accused persons, including individuals and companies, have been chargesheeted in the case so far. The further investigation is continuing to look into the role of other accused.
It may also be recalled that the CBI, BSFB, Delhi, has registered eight FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Reliance Telecom Limited (RTL) and other Reliance ADA Group entities on the basis of complaints received from various Public Sector Banks, LIC and EPFO. The CBI had earlier filed five chargesheets in the Reliance ADA Group cases. The present supplementary chargesheet is the sixth chargesheet filed in these cases. The CBI has so far arrested seven accused persons in the Reliance ADA Group cases.
The investigation in these cases is being monitored by the Hon’ble Supreme Court. The CBI remains committed to conducting an expeditious and comprehensive investigation into these cases.
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