CBI files first chargesheet in Reliance Home Finance Limited case; cites ₹3,526 crore loss
The Central Bureau of Investigation (CBI) has filed the first chargesheet against four accused in the Reliance Home Finance Limited (RHFL) case. Among those named
The Central Bureau of Investigation (CBI) has filed the first chargesheet against four accused in the Reliance Home Finance Limited (RHFL) case. Among those named are, two former senior executives of RHFL, Ravindra Sudhalkar as the then executive director (ED) and chief executive officer (CEO); and Krishanan Gopalakrishnan Iyer as the then chief risk officer; and former senior executive of Reliance Capital Limited, Dhananjay Bhagwanprasad Tiwari, the then chief credit and risk officer.
The CBI alleged that funds borrowed by RHFL were diverted through intermediary and conduit entities to various Reliance ADA Group companies, in violation of the terms and conditions governing such borrowings, thereby causing wrongful loss to the lending banks and corresponding wrongful gain to the accused persons and related entities. The total loss caused to 10 public sector bnanks of the consortium was ₹ 3,526.35 crore.
“Further investigation has been kept open to ascertain the role of other directors, entities and public servants. Supplementary chargesheets are expected to be filed in due course,” it said. The CBI has so far arrested two accused persons, including Mr. Sudhalkar and former RHFL director Amit Bapna. They are currently in judicial custody. The agency has registered seven First Information Reports against Reliance Communications Limited (RCOM), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) based on complaints received from various public sector banks and LIC.
It had earlier filed a chargesheet in the RCOM case against 16 accused; and another in the Reliance Commercial Finance Limited (RCFL) against seven accused. Investigations in the cases are being monitored by the Supreme Court.
The BriefWire