CBI Files Chargesheet in Reliance Home Finance Loan Diversion Case
Charges Filed Against Reliance Home Finance Executives
The Central Bureau of Investigation (CBI) has initiated legal proceedings by submitting its initial chargesheet in the alleged loan diversion scandal involving Reliance Home Finance Ltd (RHFL). This document names the company along with three former high-ranking officials, accusing them of conspiring to defraud public sector banks by misappropriating borrowed funds. The chargesheet was filed on July 9, 2026, in front of the Special Judge for CBI Cases in Mumbai, targeting four individuals, including RHFL and two of its former senior executives: Ravindra Sudhalkar (Executive Director & CEO) and Krishanan Gopalakrishnan Iyer (Chief Risk Officer), as well as Dhananjay Bhagwanprasad Tiwari (Chief Credit & Risk Officer) from Reliance Capital Ltd. They face charges of criminal conspiracy and cheating, allegedly leading to significant financial losses for public sector banks.
The CBI's investigation uncovered that funds obtained by Reliance Home Finance Ltd were improperly redirected through intermediary entities to various companies within the Reliance ADA Group, breaching the borrowing terms and resulting in unjust losses for the lending banks while benefiting the accused and their affiliates.
Previously, on July 7, the CBI had also filed a chargesheet in a related case involving Reliance Commercial Finance Limited (RCFL), addressing seven individuals, including two Reliance Group companies—Reliance Infrastructure Ltd. and RHFL—and five former senior executives of RCFL. This chargesheet similarly detailed allegations of criminal conspiracy and cheating aimed at causing substantial losses to public sector banks.
The CBI's actions stem from complaints lodged by the Bank of Maharashtra and other public sector banks within the consortium, revealing a total loss of Rs. 4,097 crores across 13 banks. The investigation remains ongoing to explore the involvement of additional directors, entities, and public officials in this financial misconduct, with supplementary chargesheets anticipated in the future.