CBI Files Second Charge Sheet Against Reliance ADA Group Executives and Firms in Fraud Case

Second Charge Sheet Filed

The Central Bureau of Investigation has filed its second charge sheet in the Reliance Home Finance Limited case against 11 accused parties, bringing the total number of people and entities charged in the matter to 15. The latest legal action names three prominent executives from the Anil Ambani-led Reliance ADA Group: Amit Bapna, who serves as the Director and Chief Financial Officer of Reliance Home Finance Ltd; Amitabh Jhunjhunwala, the Group Managing Director and Vice Chairman of Reliance Capital Ltd; and Suresh Nagarajan, the Chief Financial Officer of Reliance Power Limited.

Accused Companies and Individuals

Aside from the three senior officials, the charge sheet also targets seven corporate entities linked to the group. These companies are Reliance Infrastructure, Reliance Power, Reliance Big Entertainment, Reliance Broadcast Network, Reliance Business Broadcast News Holdings, Reliance MediaWorks Financial Services, and Kunjbihari Developers. Additionally, a private individual named Vijay Napawaliya, who works as a chartered accountant and the statutory auditor for Reliance Home Finance, has been included as an accused.

Allegations and Fund Diversion

The investigating agency stated that the accused face charges of criminal conspiracy and cheating under the Indian Penal Code. According to the agency, the probe shows that funds totalling 7,429.16 crore rupees borrowed by Reliance Home Finance were diverted through various intermediary and conduit entities to other group companies. This diversion allegedly violated loan terms set by lenders, causing wrongful losses to public sector banks and financial institutions while benefiting the accused entities.

Investigation Background

The case was originally opened by the Central Bureau of Investigation following complaints from a consortium of public sector banks, led by Union Bank of India. The first charge sheet in this specific case was filed on July 9, 2026, against four accused persons. Overall, the agency's Bank Securities and Fraud Branch has registered nine separate First Information Reports involving various Reliance group companies based on complaints from public sector banks, the Life Insurance Corporation of India, and the Employees' Provident Fund Organisation. Seven charge sheets have now been filed in total across these group cases, with seven people arrested so far, while the Supreme Court monitors the ongoing investigation.

Context

Large corporate fraud investigations involving public sector banks often take extended periods to move through the courts due to complex financial trails and numerous intermediary shell companies. When corporate loans are diverted away from their stated business purpose, lending banks face severe financial stress that can impact the broader banking system. Investigators typically rely on forensic audits of bank accounts to trace how borrowed capital moved through various conduit firms before reaching final corporate beneficiaries.