CBI Chargesheets Reliance Home Finance in ₹3,526 Crore Bank Loss Case, Former Executives Named

The Central Bureau of Investigation (CBI) has filed its first chargesheet in the Reliance Home Finance Limited (RHFL) case , accusing the company and three former senior executives of alleged criminal conspiracy and cheating that resulted in losses of ₹3,526.35 crore to a consortium of 10 public sector banks .

The chargesheet was filed before the Special CBI Court in Mumbai on July 9, 2026, naming Reliance Home Finance Limited , former Executive Director and CEO Ravindra Sudhalkar , former Chief Risk Officer Gopalakrishnan Iyer , and former Reliance Capital Chief Credit & Risk Officer Dhananjay Bhagwanprasad Tiwari as accused.

According to the CBI’s chargesheet, funds raised by RHFL from public sector banks were allegedly diverted through intermediary and conduit entities to other Reliance ADA Group companies , contrary to the conditions attached to the loans. The agency alleged that the diversion of borrowed funds caused wrongful losses to lending banks while benefiting related entities and individuals linked to the transactions.

The case was registered after complaints from Union Bank of India and other public sector banks that were part of the lending consortium. The CBI has invoked charges related to criminal conspiracy and cheating , alleging that the accused misrepresented facts and violated lending norms.

The investigation has so far led to the arrest of former RHFL CEO Ravindra Sudhalkar and former RHFL Director Amit Bapna , who remain in judicial custody. The chargesheet marks the third filing in a series of CBI investigations involving Reliance ADA Group companies, following cases linked to Reliance Communications Limited and Reliance Commercial Finance Limited.

The CBI has not closed the investigation and has kept further probe open to examine the alleged role of other directors, corporate entities and public officials . Additional chargesheets may be filed after further investigation.

The case is among several banking fraud investigations being monitored by the Supreme Court , with agencies continuing to examine alleged financial irregularities involving large corporate borrowings and banking losses.