The Central Bureau of Investigation (CBI) has filed a supplementary chargesheet against 17 individuals and entities regarding the Rs 6,229.54 crore Reliance Commercial Finance fraud case. The probe alleges the diversion of borrowed funds to Reliance ADA Group companies, implicating top executives and officials from public sector banks. This development increases regulatory and governance risks for the companies and lenders involved.
The Central Bureau of Investigation (CBI) has significantly expanded its legal investigation into alleged financial irregularities at Reliance Commercial Finance Ltd (RCFL). On Monday, the agency filed a supplementary chargesheet in a special Mumbai court, officially naming 17 new individuals and entities as accused. This action brings the total number of accused in the case to 24, following an initial chargesheet filed in July 2026.
The chargesheet alleges that Rs 6,229.54 crore was diverted from Reliance Commercial Finance to various Reliance ADA Group companies through a web of intermediary entities. According to the investigation, this movement of capital violated the original borrowing agreements. These funds were reportedly meant for business purposes, but the CBI contends they were redirected to other group firms, causing substantial losses to a consortium of lenders that included Bank of Baroda, Punjab National Bank, and Indian Overseas Bank.
Among those named in the new chargesheet are key leadership figures from the Reliance ADA Group, including Group Managing Director Amitabh Jhunjhunwala, CFO Amit Bapna, and Company Secretary Ramesh Shenoy. The investigation has also widened to include the banking sector, with six officials from the mentioned public sector banks now named as accused. The CBI has charged these individuals with criminal conspiracy, criminal misappropriation, and cheating, as well as violations under the Prevention of Corruption Act, alleging they colluded to facilitate the fund transfers.
This case is part of a larger ongoing probe into systemic financial irregularities within the Reliance ADA Group. The CBI estimates that the total loss to banks, financial institutions, and other lenders linked to the wider investigation is approximately Rs 9,280 crore. Eight group companies are currently under the agency’s scanner, including Reliance Power Ltd, Reliance Communications Ltd, and Reliance Infrastructure Ltd.
For investors, this development highlights significant governance and regulatory risks. The inclusion of top management and the alleged violation of borrowing terms may weigh on investor sentiment toward the listed companies associated with the group. Furthermore, for the public sector banks involved, this case underscores challenges related to asset quality and the recovery of large-scale corporate loans. The market will likely continue to monitor the proceedings in the special court, as the CBI has indicated that the investigation remains active with potential for further scrutiny of additional parties.