CBI files chargesheet in Reliance Commercial Finance Ltd bank fraud case

The agency filed the case after complaints from a group of 13 banks, led by Bank of Maharashtra, claiming a loss of ₹4,097 crore due to loan siphoning by the firm.

The Central Bureau of Investigation (CBI) filed a chargesheet on Tuesday against seven individuals linked to the Reliance Commercial Finance Ltd (RCFL) fraud case before a special Mumbai court.

The chargesheet names two Reliance Group entities—Reliance Infrastructure Ltd. and Reliance Home Finance Ltd (RHFL)—plus five former senior officials of RCFL: Devang Pravin Mody (Director & CEO), Ravindra Somayajula Rao (Director), Dhananjay Bhagwanprasad Tiwari (Director), Rajesh Krishnamoorthy (Executive Risk Officer) and Lav Chaturvedi (Chief Risk Officer). They are accused of criminal conspiracy and cheating that caused substantial losses to public‑sector banks.

According to the CBI, money borrowed by RCFL was rerouted through intermediary and conduit companies to other Reliance ADA Group firms, breaching loan terms, resulting in wrongful loss to lenders and wrongful gain to the accused and related entities.

The case originated from complaints by a consortium of 13 banks led by Bank of Maharashtra, which alleged a loss of ₹4,097 crore owing to the siphoning of RCFL loans.

Wrongful loss

The CBI said the investigation remains open to determine the involvement of other directors, entities, and public servants in causing the loss to public‑sector banks, with supplementary chargesheets likely to follow.

So far, the CBI has arrested Amitabh Jhunjhunwala, former Vice‑Chairman of Reliance Capital Ltd; Devang Pravin Mody, former CEO of RCFL; and Amit Bapna, former CFO of Reliance Capital Ltd.

Jhunjhunwala and Mody are currently in judicial custody, while Bapna remains in CBI custody.

In total, the CBI has lodged seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL) and Reliance Telecom Ltd (RTL), based on complaints from various state‑owned banks and LIC.

Earlier, investigators filed a chargesheet in the RCom case on May 29 2026 against 16 persons.

The Supreme Court continues to oversee the investigations in these matters.

Published on July 7 2026