Reliance Home Finance Scam: CBI Files First Chargesheet, ₹3,526 Crore Loss Alleged

The Central Bureau of Investigation (CBI) has filed its first chargesheet in the Reliance Home Finance Limited (RHFL) case, naming four accused and alleging a total loss of ₹3,526.35 crore to a consortium of 10 public sector banks.

The chargesheet names Ravindra Sudhalkar, former Executive Director and CEO of RHFL; Krishanan Gopalakrishnan Iyer, former Chief Risk Officer of RHFL; and Dhananjay Bhagwanprasad Tiwari, former Chief Credit and Risk Officer of Reliance Capital Limited. The fourth accused is not named in the provided text but is implied to be another individual involved.

The CBI alleges that funds borrowed by RHFL were diverted through intermediary and conduit entities to various Reliance ADA Group companies, violating the terms and conditions of the borrowings. This diversion caused wrongful loss to the lending banks and corresponding wrongful gain to the accused and related entities.

“Further investigation has been kept open to ascertain the role of other directors, entities and public servants. Supplementary chargesheets are expected to be filed in due course,” the agency said.

So far, the CBI has arrested two accused: Mr. Sudhalkar and former RHFL director Amit Bapna. They are currently in judicial custody.

The agency has registered seven First Information Reports against Reliance Communications Limited (RCOM), RHFL, Reliance Commercial Finance Limited (RCFL), and Reliance Telecom Limited (RTL) based on complaints from various public sector banks and LIC.

Earlier, the CBI filed chargesheets in the RCOM case against 16 accused and in the RCFL case against seven accused. The Supreme Court is monitoring the investigations.