CBI names 3 senior ADAG execs, 7 companies in 2nd RHFL chargesheet
The CBI has filed a second chargesheet against 11 individuals and 7 companies linked to the Reliance ADA Group regarding a Rs 7,429-crore loan diversion case. The investigation focuses on allegations of criminal conspiracy and cheating involving Reliance Home Finance Ltd.
Why it matters
This case represents a significant legal action against a major Indian conglomerate, impacting investor confidence and the stability of public sector bank lending.
NEW DELHI: The CBI on Thursday filed its second chargesheet in the Rs 7,429-crore Reliance Home Finance Ltd (RHFL) alleged loan diversion case, naming 11 accused, including three senior executives of the Reliance ADA Group and seven corporate entities.The chargesheet alleges criminal conspiracy and cheating that led to massive wrongful losses for a consortium of public sector banks and financial institutions.Among the individuals charged are RHFL director and chief financial officer Amit Bapna, Reliance Capital Group MD and vice chairperson Amitabh Jhunjhunwala, Reliance Power CFO Suresh Nagarajan, and RHFL's statutory auditor Vijay Napawaliya.The seven companies named as accused include Reliance Infrastructure, Reliance Power, Reliance Big Entertainment, Reliance Broadcast Network, Reliance Business Broadcast News Holdings, Reliance MediaWorks Financial Services, and Kunjbihari Developers.According to the probe agency, RHFL borrowed funds from lending institutions and allegedly siphoned off Rs 7,429 crore through a web of intermediary and conduit entities.These funds were ultimately diverted…
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