The CBI had earlier registered a case based on complaints received from Bank of Maharashtra and other public sector banks of the consortium
The Central Bureau of Investigation (CBI) has named 17 accused, including three executives of industrialist Anil Ambani’s Reliance ADA Group, in the first supplementary chargesheet filed on Monday in the ₹6,229.54 crore worth Reliance Commercial Finance Ltd. (RCFL) case.The chargesheet was filed before Special Judge for CBI Cases, Mumbai. The three Reliance ADA Group executives accused are: Amitabh Jhunjhunwala, Group Managing Director of the Reliance ADA Group; Amit Bapna, CFO, RCL; and Ramesh Shenoy, Company Secretary, Reliance Infrastructure Ltd. Names of eight companies -- 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; also figures in the chargesheet, as per a statement by the CBI.Criminal conspiracySix bank officials associated with Bank of Baroda, Punjab National Bank and Indian Overseas Bank, have also been made accused on charges of colluding with Reliance ADA Group. The CBI said all of them have been charged with 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 ₹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, the agency stated. This caused wrongful loss to the lending banks and financial institutions and corresponding wrongful gain to the accused persons and related entities.The CBI had earlier registered a 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 ₹9,280 crores, as per the CBI’s estimate.The first chargesheet was filed in the case on July 7, this year, against seven accused persons. With the filing of the supplementary chargesheet, a total of 24 accused persons, including individuals and companies, have been chargesheeted in the case so far, the CBI stated.Further investigationFurther investigation is on to look into the role of other accused.The Delhi-based Banking Securities & Fraud Branch of the CBI had registered eight FIRs against Reliance Communications Ltdi (RCom), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Telecom Ltd (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.Published on September 7, 2026
