The Central Bureau of Investigation (CBI) has filed its second chargesheet in the Reliance Home Finance Ltd. (RHFL) case before the Special Judge for CBI Cases in Mumbai. The filing names 11 accused in connection with alleged criminal conspiracy and cheating under the Indian Penal Code.

The accused include 3 executives of the Reliance ADA Group, 7 companies and one private person. The CBI has alleged that funds borrowed by RHFL were routed through intermediary and conduit entities to various Reliance ADA Group companies in breach of conditions set by lenders.

Who has been named

The 3 executives named in the chargesheet are:

  • Amit Bapna, Director and Chief Financial Officer of RHFL
  • Amitabh Jhunjhunwala, Group Managing Director and Vice Chairman of RCL
  • Suresh Nagarajan, Chief Financial Officer of Reliance Power Ltd.

The 7 companies named are 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.

The individual named in the filing is Vijay Napawaliya, a chartered accountant and statutory auditor of RHFL.

Alleged fund diversion

According to the investigation conducted so far, Rs.7,429.16 crore borrowed by RHFL was allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies. The CBI has said the alleged transfers violated the terms and conditions stipulated by lenders.

The agency has alleged that the transactions caused wrongful loss to lending banks and financial institutions. It has also alleged corresponding wrongful gain to the accused persons and related entities.

The chargesheet is the second filed by the CBI in the RHFL case. The filing places the allegations before the Special Judge for CBI Cases, Mumbai; the charges described by the agency remain allegations in the case.

Conclusion

The CBI's second chargesheet names 11 accused and centres on the alleged diversion of Rs.7,429.16 crore borrowed by RHFL. The agency has alleged criminal conspiracy and cheating, along with losses to lenders and gains for accused persons and related entities.

Frequently Asked Questions

Q. What is the RHFL case?

The case concerns allegations involving Reliance Home Finance Ltd. and the alleged diversion of funds borrowed by the company.

Q. What has the CBI filed?

The CBI has filed its second chargesheet in the case before the Special Judge for CBI Cases in Mumbai.

Q. How many accused have been named?

The chargesheet names 11 accused, including 3 executives, 7 companies and one private person.

Q. What amount is involved in the alleged diversion?

The investigation has referred to Rs.7,429.16 crore borrowed by RHFL.

Q. Which offences are alleged?

The accused have been chargesheeted for alleged criminal conspiracy and cheating under the Indian Penal Code.

Q. Who is Vijay Napawaliya?

Vijay Napawaliya is identified as a chartered accountant and statutory auditor of RHFL.

Q. What does the CBI allege about lenders?

The agency alleges that the diversion caused wrongful loss to lending banks and financial institutions.

Q. Which companies are named?

The named companies include 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.