The Central Bureau of Investigation (CBI) files its first chargesheet in the Reliance Home Finance Limited (RHFL) case before the Special Judge for CBI cases in Mumbai. The chargesheet names RHFL and four individuals, including two former senior RHFL executives—Ravindra Sudhalkar (Executive Director & CEO) and Krishanan Gopalakrishnan Iyer (Chief Risk Officer)—and a former senior executive of Reliance Capital Ltd, Dhananjay Bhagwanprasad Tiwari (Chief Credit & Risk Officer). The CBI alleges criminal conspiracy and cheating with intent to cause huge losses to public sector banks.
According to the CBI, funds borrowed by RHFL were diverted through intermediary and conduit entities to various Reliance ADA Group companies, allegedly in violation of the terms and conditions of the borrowings. The agency states that this resulted in wrongful loss to the lending banks and corresponding wrongful gain to the accused and related entities.
Sources report that the investigation is based on complaints received from Union Bank of India and other public sector banks in a consortium, and that the total loss attributed to the case across 10 public sector banks is ₹3,526.35 crore. The CBI says further investigation remains open to determine the role of other directors, entities and public servants, and that supplementary chargesheets may follow.
