CBI files second charge sheet in RHFL case, names 11 accused

The Central Bureau of Investigation (CBI) on Thursday filed the second charge sheet in its probe against Reliance Home Finance Ltd (RHFL), naming 11 accused persons, including three executives of Reliance ADA group, the agency said in a statement.

Those named in the charge sheet include Amit Bapna, Director and CFO of RHFL; Amitabh Jhunjhunwala, former group managing director; Suresh Nagarajan, CFO of Reliance Power Ltd. It also names seven companies --Reliance Infrastructure Limited, Reliance Power Ltd., Reliance Big Entertainment Pvt. Ltd., Reliance Broadcast Network Limited, Reliance Business Broadcast News Holdings Ltd., Reliance MediaWorks Financial Services Pvt. Ltd. and Kunjbihari Developers Pvt. Ltd. Vijay Napawaliya, who is the chartered accountant and statutory auditor of RHFL has also been named in the charge sheet filed under offences of criminal conspiracy and cheating before a special court in Mumbai.

“Investigation conducted so far has revealed that funds amounting to ₹7,429.16 crore, borrowed by RHFL were allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies in violation of the terms and conditions stipulated by lenders, thereby causing wrongful loss to the lending banks and financial institutions and corresponding wrongful gain to the accused persons and related entities,” the CBI said in a statement.

The federal anti-corruption probe agency had filed a case in this matter on the basis of complaints received from Union Bank of India (erstwhile Andhra Bank) and other public sector banks of the consortium.

The first charge sheet in the case was filed on July 9 against four persons.

HT has reached out to Reliance group for a comment on Thursday’s charge sheet.