Reliance Finance case gets bigger: CBI chargesheets 17 more over alleged ₹6,229 crore diversion

The CBI has filed a supplementary chargesheet against 17 accused in the Reliance Commercial Finance Ltd. case, alleging that Rs 6,229.54 crore in borrowed funds was diverted to Reliance ADA Group companies.

The chargesheet was filed on Monday before the Special Judge for CBI Cases in Mumbai, the agency said.

The accused include three Reliance ADA Group executives, eight companies, and six bank officials associated with Bank of Baroda, Punjab National Bank, and Indian Overseas Bank.

Who Has Been Chargesheeted

The three executives are Amitabh Jhunjhunwala, Group Managing Director of the Reliance ADA Group; Amit Bapna, CFO of Reliance Commercial Finance; and Ramesh Shenoy, Company Secretary of Reliance Infrastructure Ltd.

The eight companies named in the chargesheet are 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.

The accused have been chargesheeted for criminal conspiracy, criminal misappropriation, and cheating under the IPC, along with offences under the Prevention of Corruption Act, 1988.

Rs 6,229 Crore Alleged Diversion

According to the CBI, its investigation so far has found that funds borrowed by Reliance Commercial Finance were allegedly diverted to the extent of Rs 6,229.54 crore through intermediary and conduit entities to various Reliance ADA Group companies.

The agency said the diversion was allegedly carried out in violation of the terms and conditions governing the borrowings.

The alleged diversion caused wrongful loss to lending banks and financial institutions and corresponding wrongful gain to the accused and related entities, the CBI said.

The case was registered based on complaints from Bank of Maharashtra and other public sector banks that were part of the consortium. The total loss to banks, financial institutions, and other lenders is approximately Rs 9,280 crore, according to the agency.

24 Accused Chargesheeted So Far

The CBI filed its first chargesheet in the case on July 7, 2026, against seven accused.

With Monday’s supplementary chargesheet, a total of 24 accused, including individuals and companies, have been chargesheeted so far. Further investigation is continuing into the role of other accused, the agency said.

The CBI's BSFB unit in Delhi has registered eight FIRs against Reliance Communications Ltd., Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., Reliance Telecom Ltd. and other Reliance ADA Group entities based on complaints from various public sector banks, LIC and EPFO.

The agency had earlier filed five chargesheets in the Reliance ADA Group cases. Monday’s filing is the sixth chargesheet in these cases.

The CBI has so far arrested seven accused in the Reliance ADA Group cases.