CBI files RHFL chargesheet: ₹3,526 crore loss (2026)

What the CBI filed on July 9, 2026

The Central Bureau of Investigation (CBI) filed its first chargesheet on July 9, 2026 in the Reliance Home Finance Limited (RHFL) case before the Special Judge for CBI Cases in Mumbai. The agency said the case relates to alleged offences of criminal conspiracy and cheating. CBI’s case is that the alleged actions were carried out with intent to cause large losses to public sector banks (PSBs). The chargesheet is the first filed in the RHFL matter referenced in the material provided. The agency also indicated that further investigation remains open, including into the role of other directors, entities, and public officials. It said supplementary chargesheets are expected later.

Accused named in the RHFL chargesheet

The RHFL chargesheet names four accused persons, including the company itself. The individuals named include two former senior executives of RHFL: Ravindra Sudhalkar, described as Executive Director and CEO, and Krishanan Gopalakrishnan Iyer, described as Chief Risk Officer. A former senior executive of Reliance Capital Ltd, Dhananjay Bhagwanprasad Tiwari, described as Chief Credit and Risk Officer, is also named. The CBI has framed the allegations around criminal conspiracy and cheating linked to the use of borrowed funds. The filing is before the special CBI court in Mumbai.

Core allegations: diversion of borrowed funds through intermediaries

According to the CBI, funds borrowed by RHFL were allegedly misappropriated and channelled through intermediary and conduit entities. The agency alleged the funds were routed to various companies within the Reliance ADA Group. CBI’s case is that this movement of money breached the stipulations associated with the borrowings. The agency alleges this caused significant losses to the lending banks. It also alleges unjust gains to the accused and their associated entities. The material provided does not name every recipient entity for the RHFL leg, but it attributes the alleged diversion to the Reliance ADA Group ecosystem.

Bank exposure cited: ₹3,526.35 crore loss to 10 PSBs

CBI has quantified the alleged loss in the RHFL case at ₹3,526.35 crore for a consortium of 10 public sector banks. In a separate statement excerpt included in the material, the RHFL loss amount is cited as ₹3,526 crore to 10 PSBs. Taken together, the figures are presented as the agency’s assessment of wrongful loss to lenders in the RHFL matter. The case is part of a wider set of investigations into multiple Reliance ADA Group companies based on complaints from PSBs and the Life Insurance Corporation of India (LIC).

Parallel development: CBI chargesheet in the RCFL case

Separately, the CBI also filed its first chargesheet in the alleged Reliance Commercial Finance Limited (RCFL) bank fraud case before a special CBI court in Mumbai, naming seven accused, including two Reliance Group companies. As per the details provided, the chargesheet names Reliance Infrastructure Ltd and RHFL, along with five former senior RCFL executives: Devang Pravin Mody (former Director and Chief Executive Officer), Ravindra Somayajula Rao (former Director), Dhananjay Bhagwanprasad Tiwari (former Director), Rajesh Krishnamoorthy (former Executive Risk Officer), and Lav Chaturvedi (former Chief Risk Officer). The CBI alleged that loans availed by RCFL were diverted through intermediary and conduit entities to various Reliance ADA Group companies in violation of lending conditions. The agency quantified the alleged loss in the RCFL case at ₹4,097 crore to a consortium of 13 PSBs.

Arrests and custody status mentioned in the material

The material provided includes multiple arrest updates across the different cases. In the RHFL context, it states the CBI has apprehended two individuals, including Ravindra Sudhalkar and RHFL director Amit Bapna, and that they are in judicial custody. In the RCFL context, it states the CBI has arrested three people: Amitabh Jhunjhunwala (former Vice Chairman of Reliance Capital Ltd), Devang Pravin Mody, and Amit Bapna (former Chief Financial Officer of Reliance Capital Ltd). It adds that Jhunjhunwala and Mody were arrested last month and are in judicial custody, while Bapna, arrested on July 4, remains in CBI custody. Another excerpt says the CBI arrested former CEOs of RCFL and RHFL on Monday: Devang Mody and Ravindra Sudhalkar.

Seven FIRs and the wider Reliance ADA Group probe

CBI has registered seven FIRs relating to different Reliance ADA Group companies, including Reliance Communications Limited (RCom), RHFL, RCFL, and Reliance Telecom Limited (RTL). The FIRs are described as being based on complaints by public sector banks and LIC. The agency has also initiated FIRs following complaints involving additional Reliance entities referenced in the material. The CBI has said the present chargesheet referenced in the material is the second filed in matters involving Reliance ADA Group companies, and that further supplementary chargesheets are expected.

Separate Union Bank case: ₹228.06 crore alleged fraud linked to RHFL

The material also describes a separate CBI case registered against RHFL and its former directors, including Jai Anmol Anil Ambani, after a complaint by Union Bank of India. The alleged wrongful loss in that case is stated at ₹228.06 crore. It is also stated that RHFL had availed ₹450 crore in credit but later defaulted, and that the account was declared an NPA in 2019. A Grant Thornton forensic audit covering April 1, 2016 to June 30, 2019 is cited as reportedly finding misapplication of borrowed funds and diversion for purposes other than those approved by the lender. The CBI said it commenced searches in Mumbai on 09.12.2025 at RHFL premises and residences linked to the named individuals, and that incriminating documents were observed and taken into possession during the searches.

Key figures at a glance

Why these filings matter for lenders and governance scrutiny

Chargesheets are a key procedural step in criminal cases because they set out the investigating agency’s case before the court. In these matters, the CBI’s allegations focus on the end-use of borrowed funds and whether lending conditions were violated through diversion via intermediaries. The figures cited in the material place the alleged bank losses in the thousands of crores across multiple PSB-led consortia. The investigations also extend beyond one company, with seven FIRs covering multiple Reliance ADA Group entities. The agency has said its investigation remains open, and it expects supplementary chargesheets, indicating the probe could widen to additional individuals and entities based on evidence gathered.

What to watch next

CBI has stated that further investigation remains open, including the involvement of other directors, entities, and public officials, and that supplementary chargesheets are expected. Future court proceedings in the special CBI courts in Mumbai will determine the next procedural milestones for the accused named in the chargesheets. Separately, the Union Bank of India-linked case and the Bank of Maharashtra-linked case described in the material add more parallel tracks where the agency has already registered FIRs and carried out searches. Any additional arrests, supplementary filings, or court orders will be the next confirmed developments to track.