Reliance Anil Dhirubhai Ambani (ADA) group's three top former executives Amitabh Jhunjhunwala, former group managing director (MD), Amit Bapna, a former chief financial officer (CFO) and chief operating officer (COO) of Reliance Capital Ltd and Ramesh Shenoy, company secretary of Reliance Infrastructure Ltd are among 17 people named by the central bureau of investigation (CBI) in its second charge-sheet in the Reliance Commercial Finance Ltd (RCFL) case. The others include eight companies and six officials from three banks. CBI alleged that ₹6,229.54 crore in borrowed funds was diverted through intermediary entities in violation of lending conditions. The charge-sheet was filed on Monday before the Special CBI Court in Mumbai.
The eight companies named in the charge-sheet are Reliance Power Ltd, Big Flicks Pvt Ltd, Reliance Big Entertainment Pvt Ltd, Reliance Communications Ltd, Kunjbihari Developers Pvt Ltd, Reliance Venture Asset Management Pvt Ltd, Reliance Broadcast Network Ltd and Reliance Telecom Ltd.
CBI has also charge-sheeted six officials associated with Bank of Baroda, Punjab National Bank and Indian Overseas Bank.
According to the agency, the accused have been booked for alleged criminal conspiracy, criminal misappropriation and cheating under the Indian Penal Code, besides provisions of the Prevention of Corruption Act, 1988.
The agency said its investigation so far has found that funds borrowed by Reliance Commercial Finance were allegedly diverted to the tune of ₹6,229.54 crore through intermediary and conduit entities to various Reliance ADA group companies.
CBI alleges that the transactions were carried out in breach of the terms and conditions governing the borrowings.
According to the agency, the alleged diversion resulted in wrongful losses to banks and financial institutions that had extended the loans, while generating corresponding wrongful gains for the accused and related entities.
The overall loss to banks, financial institutions and other lenders in the case has been pegged by CBI at about ₹9,280 crore.
The agency's allegations are part of an ongoing investigation and will have to be established through judicial proceedings.
CBI had registered the case following complaints from Bank of Maharashtra (BoM) and other public sector banks that were part of the lending consortium. Its first charge-sheet in the RCFL case was filed on 7 July 2026 against seven accused.
With Monday's supplementary charge-sheet, the total number of accused charge-sheeted in the case has risen to 24, comprising individuals and companies.
The agency said its investigation is continuing and that it is examining the role of other accused persons.
The latest filing is part of a wider CBI investigation into alleged financial irregularities involving several companies associated with the Reliance ADA group.
CBI's banking, securities and financial fraud (BSFF) branch in Delhi has registered eight first information reports (FIRs) against Reliance Communications, Reliance Home Finance, Reliance Commercial Finance, Reliance Telecom and other entities from the Reliance ADA group.
These cases were registered on the basis of complaints from various public sector banks as well as the Life Insurance Corporation of India (LIC) and the Employees' Provident Fund Organisation (EPFO).
The agency had earlier filed five charge-sheets in cases involving Reliance ADA group entities. With Monday's filing, CBI said the total number of charge-sheets filed across these cases has reached six.
Seven accused have so far been arrested in the wider Reliance ADA group cases, according to the agency.
The investigation into the cases is being monitored by the Supreme Court, CBI said. The agency said it remains committed to completing the investigation expeditiously and comprehensively.
Further investigation will determine the role of other individuals and entities and whether additional charge-sheets will follow, the agency added.
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With cases piling up, Jhunjhunwala's first legal tactic of building a "medical grounds" case to get bail got rejected outright. Even if he had gotten bail in one case, he has 3-4 more cases to get bail on before stepping out of his cozy hospital bed.
Sitting in Dubai and running a Singapore operation, the Global Fund Manager would never have imagined what mess he was getting into when he landed in July to spearhead MUD.. The mission undemonize delhi (MUD) did not only get nipped in the bud, on the Big Boss's fourth approach, in his operation to change the power at the Center. It effectively showed the doors of Tihar to 4 of his top 5 executives so far.
While Jhunjhunwala has been found to be the Principal Architect of the uncountable thousands of crores of bank loans, the biggest question which still remains is who was the beneficiary of the siphoning, and where did the funds land ultimately, and where did they vanish.
Setting off the cost of doing a scam, with multiple layers and multiple jurisdictions, a good 75% to 80% of the bank loans cannot just evaporate in thin air. They have to be parked somewhere, which apart from the Anil Ambani family would be known to the principal architect Amitabh Jhunjhunwala, and to a certain extent to his junior / deputy Sateesh Seth.
Catching a bunch of Yes Men does not solve the end goal of recovering the money, and returning it to the banks, even if it is half of what the banks lent. However considering the Midas Touch of Amitabh Jhunjhunwala as a Global Fund Manager, the funds should have atleast grown 4-fold, if not more. Leaving enough to repay all bank loans with interest of 10 years. That is the clue which Jhunjhunwala has remained silent for last 4 1/2 months while see-sawing between ED and CBI custody. The clues should start from Singapore, where AJ Capital is headquartered, and picking the clues moving alongwith the trail. Co-operating with agencies was an option Jhunjhunwala always had since his arrest in April. Finding his way to an air conditioned hospital bed, seems to have been the reason why he backed out. With being branded as the Principal Architect of the Anil Ambani Group scam now, there is no way he can negotiate a deal for his freedom. It might be tens of billions worth of reasons, for him to choose to remain under custody, when he had the carrot dangling in front of him. Now its the stick that will sting, once his prolonged hospital privileges are restricted.
Needless to say, whenever he comes out which could be late 2028 or even 2029, who would trust their money with a Global Fund Manager who has so many serious medical ailments, a laundry list of which is cited in his 10 billion worth bail application that Rouse Court rejected last friday.
Worst case scenario all 4 will get convicted and the case will move to high courts.
The master of delaying tactics they are, it wud be a good 5 years by the time the first case at rouse ave or Mumbai sessions court reaches judgment stage. By the time it goes to high courts and proceedings start, most of them will be in their 80’s.
Anil Ambani has diffused many time bombs since July 21st 2025. He has lived more than 9 lives in the last 14 months. Maybe the non stop Havans have delayed the destiny he was meant for. But he seems to have gotten away with Amitabh Jhubjhunwala branded as principal architect of all loan scams. Worst come worst 15,000 odd crore property will remain attached for rest of his lifetime. But then, was it ever his ? Or rightfully belonged to banks and public at large.
Unless any agency follows leads to Singapore, Dubai, Cyprus, Guerseny, British Virgin Islands etc, the real big Moolah allegedly around 73000 crore can never be recovered. But if agencies do follow the trail, than banks will end up recovering full principal with interest over the last 10 years. The principal architect is the only one who can help banks recover the public money, as the cash parked in Indian jurisdiction was a fraction of what disappeared in thin air. The principal shortfall stands at close to 58000 crore; with due interest, possibly much in excess of 100,000 crore.
An amount worth enough to make Amitabh jhunjhunwala an approver, if he show where the estimated 14-15 BN $ are parked ( managed by Aj Capital, as claimed by them in their own presentations)
After what happened to the Anil Ambani group since 2106, who in their right mind would have trusted their funds with Amitabh Jhunjhunwala ? Only his boss, whose “wealth” (from bank loans) the principal architect helped export to safe havens