The Central Bureau of Investigation (CBI) has significantly expanded its probe into the Reliance Commercial Finance Ltd. (RCFL) case, filing a supplementary chargesheet against 17 additional accused. This brings the total number of individuals and companies charged in the alleged ₹6,229 crore fund diversion to 24.
Key Executives and Companies Named
Among the newly chargesheeted individuals are three high-ranking executives from the Reliance ADA Group: Amitabh Jhunjhunwala, Group Managing Director; Amit Bapna, CFO of Reliance Commercial Finance; and Ramesh Shenoy, Company Secretary of Reliance Infrastructure Ltd. The chargesheet also names eight companies, including 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.
Additionally, six bank officials associated with Bank of Baroda, Punjab National Bank, and Indian Overseas Bank have been implicated in the latest filing.
Allegations of Fund Diversion and Criminal Charges
According to the CBI, its investigation has uncovered an alleged diversion of ₹6,229.54 crore in funds borrowed by Reliance Commercial Finance. These funds were purportedly routed through intermediary and conduit entities to various Reliance ADA Group companies, in direct violation of the original borrowing terms and conditions.
The agency asserts that this alleged diversion resulted in significant wrongful loss to lending banks and financial institutions, while creating corresponding wrongful gain for the accused and their related entities. The total estimated loss to banks, financial institutions, and other lenders is approximately ₹9,280 crore.
The accused face charges under various sections of the Indian Penal Code, including criminal conspiracy, criminal misappropriation, and cheating, as well as offences under the Prevention of Corruption Act, 1988.
Ongoing Investigation and Previous Filings
This supplementary chargesheet, filed recently before the Special Judge for CBI Cases in Mumbai, follows an initial chargesheet filed on July 7, 2026, against seven accused. The CBI's BSFB unit in Delhi has registered eight First Information Reports (FIRs) against multiple Reliance ADA Group entities based on complaints from various public sector banks, LIC, and EPFO. This latest filing marks the sixth chargesheet in these interconnected cases, with further investigation continuing into the roles of other potential accused.