CBI files first chargesheet in Reliance Home Finance Limited case; reporting a loss of ₹3,526 crore

Central Bureau of Investigation (CBI) logo. File. | Photo credit: PTI

The Central Bureau of Investigation (CBI) has filed the first charge sheet against the four accused in the Reliance Home Finance Limited (RHFL) case.

Among the appointees are two former senior RHFL executives, Ravindra Sudhalkar as the then Executive Director (ED) and Chief Executive Officer (CEO); and Krishanan Gopalakrishnan Iyer as then Chief Risk Officer; and former senior director of Reliance Capital Limited, Dhananjay Bhagwanprasad Tiwari, then head of credit and risk.

The CBI alleged that funds borrowed by RHFL were diverted through intermediaries and intermediary entities to various Reliance ADA Group companies in violation of the terms and conditions governing such loans, thereby causing undue loss to the lending banks and corresponding undue gain to the accused persons and related entities. The total loss caused to the 10 public sector banks of the consortium was ₹3,526.35 crore.

“Further investigations have been left open to determine the role of other directors, entities and government employees. Additional charges are expected to be filed in due course,” it said.

The CBI has so far arrested two accused persons, including 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), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) based on complaints received from various public sector banks and LIC.

She had earlier filed a chargesheet in the RCOM case against 16 accused; and another in Reliance Commercial Finance Limited (RCFL) against seven accused. The investigation of the cases is monitored by the Supreme Court.

Published – 9 Jul 2026 21:45 IST