CBI Names 11 More Accused in RHFL Loan Case

The Central Bureau of Investigation has filed a second charge sheet against 11 accused in a loan-fraud case involving Reliance Home Finance Ltd., alleging that ₹7,429.16 crore borrowed by the company was diverted through intermediary entities to Reliance ADA Group companies. The filing brings the number of accused charge-sheeted in the case to 15, the agency said. The CBI named three executives who held positions in the group at the time: Amit Bapna, RHFL’s director and chief financial officer; Amitabh Jhunjhunwala, group managing director and vice-chairman of Reliance Capital Ltd.; and Suresh Nagarajan, chief financial officer of Reliance Power Ltd. Seven companies and Vijay Napawaliya, RHFL’s chartered accountant and statutory auditor, were also named. The agency alleges that the funds were routed through intermediary and conduit entities in breach of terms set by lenders, causing losses to lending banks and financial institutions and corresponding gains for accused people and related entities. These are allegations made by the CBI; the supplied reports do not include court findings establishing wrongdoing. No immediate response from the Reliance ADA Group was reported.