Face2News/Mumbai
The Central Bureau of Investigation (CBI) has filed the first chargesheet on Tuesday in the Reliance Commercial Finance Limited (RCFL) case before the Hon’ble Special Judge for CBI Cases, Mumbai, against seven accused persons, including two Reliance Group companies, namely Reliance Infrastructure Ltd. and Reliance Home Finance Limited (RHFL), and five former senior executives of RCFL, namely Devang Pravin Mody (Director & CEO), Ravindra Somayajula Rao (Director), Dhananjay Bhagwanprasad Tiwari (Director), Rajesh Krishnamoorthy (Executive Risk Officer) and Lav Chaturvedi (Chief Risk Officer), for offences of criminal conspiracy, cheating with intent to cause huge losses to Public Sector Banks.
The chargesheet filed today is based on the investigation conducted by the CBI, which has revealed that funds borrowed by Reliance Commercial Finance Limited 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 may be recalled that the CBI had registered the case based on complaints received from Bank of Maharashtra and other PSU banks of the consortium. The total loss caused to 13 Public Sector Banks of the consortium is Rs. 4,097 crores.
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. Supplementary chargesheets are expected to be filed in due course.
The CBI has so far arrested three accused persons in this case, namely 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. Amitabh Jhunjhunwala and Devang Pravin Mody are presently in judicial custody, while Amit Bapna is in CBI custody.
It may also be recalled that the CBI has registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) on the basis of complaints received from various Public Sector Banks and LIC. CBI had earlier filed its first chargesheet in the Reliance Communications Limited (RCom) case on 29.05.2026 against 16 accused persons. The present chargesheet is the second chargesheet filed in the Reliance ADA Group cases.
These cases are under investigation, and the investigation is being monitored by the Hon’ble Supreme Court. The CBI remains committed to conducting an expeditious and comprehensive investigation into these cases.
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