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The agency had registered the case based on complaints received from a consortium of 13 banks led by Bank of Maharashtra, alleging that they lost ₹4,097 crores due to the siphoning of loans by the company

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

Two Reliance Group companies -- Reliance Infrastructure Ltd. and Reliance Home Finance Ltd (RHFL) -- and five former senior executives 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), have been named in the chargesheet for committing offences of criminal conspiracy, cheating with intent to cause huge losses to Public Sector Banks.

The CBI alleged that funds borrowed by the RCFL 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, it said in a statement.

The agency had registered the case based on complaints received from a consortium of 13 banks led by Bank of Maharashtra, alleging that they lost . ₹4,097 crores due to the siphoning of loans by the company.

Further investigation has been kept open to ascertain the role of other directors, entities and public servants involved in causing wrongful loss to the Public Sector Banks, the CBI stated. Supplementary chargesheets are expected to be filed in due course.

The CBI has so far arrested Amitabh Jhunjhunwala, former Vice Charman of Reliance Capital Ltd, Devang Pravin Mody, former CEO of RCFL, and Amit Bapna, former Chief Financial Officer of Reliance Capital Ltd.

Jhunjhunwala and Mody are presently in judicial custody, while Bapna is in the CBI custody.

Overall the CBI has registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL) and Reliance Telecom Ltd (RTL) on the basis of complaints received from various state-owned banks and LIC.

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

The Supreme Court is monitoring investigations in theses cases.

Published on July 7, 2026

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