₹9,280-Crore Bank Fraud: CBI Chargesheets Top Aides and 8 Group Firms, But Anil Ambani Left Out
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Summarized by AI; it may make mistakes. Check important info
The Centra Bureau of Investigation filed a supplementary chargesheet on Monday (September 7), before a special court in Mumbai in the ₹9,280-crore Reliance Commercial Finance Limited bank loan fraud case, booking top former executives, eight group entities, and six public sector bank officials while omitting industrialist Anil Ambani from the list of accused.
The supplementary court filing targets former Reliance ADA Group managing director Amitabh Jhunjhunwala, former Reliance Capital chief financial officer Amit Bapna, and Reliance Infrastructure company secretary Ramesh Shenoy. The investigative agency has charged 17 entities in total with criminal conspiracy, cheating, and criminal misappropriation under the Indian Penal Code alongside provisions of the Prevention of Corruption Act, 1988.
This latest filing follows the agency's initial chargesheet submitted on 7 July 2026 against seven accused, taking the total number of individuals and corporate entities chargesheeted in the case to 24. The overall financial loss suffered by a consortium of public sector banks led by the Bank of Maharashtra, alongside financial institutions, stands at approximately ₹9,280 crore.
Over ₹6,200 Crore Diverted Through Conduit Entities
Investigation by the agency's Banking Securities and Fraud Branch revealed that Reliance Commercial Finance Limited systematically diverted ₹6,229.54 crore of borrowed public funds through intermediary and conduit entities directly into various Reliance ADA Group companies.
According to the agency's official submission, these transactions violated explicit terms and conditions governing the borrowings, resulting in severe financial losses for lending institutions while generating corresponding unlawful gains for related entities. The eight corporate entities named as accused in the filing include Reliance Power Ltd, Reliance Communications Ltd, Reliance Telecom Ltd, Reliance Big Entertainment Pvt Ltd, Big Flicks Pvt Ltd, Kunjbihari Developers Pvt Ltd, Reliance Venture Asset Management Pvt Ltd, and Reliance Broadcast Network Ltd.
In addition to corporate officials, six senior bankers associated with Bank of Baroda, Punjab National Bank, and Indian Overseas Bank have been booked for their alleged roles in facilitating or failing to flag improper fund movements.
Corporate Liability Rules Keep Group Chairman Off the List
The complete absence of group chairman Anil Ambani from the chargesheet has drawn intense legal attention, considering the loan defaults and fund diversions occurred across entities operating under his brand name and primary leadership structure.
Under Indian criminal jurisprudence, corporate wrongdoing does not automatically attach vicarious liability to a company promoter or chairman. Investigative agencies must establish a direct paper trail proving explicit personal instruction, authorization, or active participation in fraudulent transactions before filing criminal charges against an individual officer.
While top aides like Jhunjhunwala remain in judicial custody following arrest in related loan fraud probes, the agency informed the court that further investigation remains open under a Supreme Court-monitored probe to ascertain the role of other directors and officials.
