CBI Files Rs 4,097 Crore Fraud Chargesheet Against Reliance Entities in Mumbai
On Tuesday, July 7, 2026, the Central Bureau of Investigation (CBI) filed its first chargesheet in Mumbai in the Reliance Commercial Finance Limited (RCFL) fraud case. The chargesheet, submitted before the Special Judge for CBI cases in Mumbai, accuses two Reliance Group companies and five former senior executives of criminal conspiracy and cheating that allegedly caused a wrongful loss of Rs 4,097 crore to a consortium of 13 public sector banks.
The chargesheet names Reliance Infrastructure Ltd. and Reliance Home Finance Limited (RHFL) as the accused companies. The five former senior executives of RCFL named in the document are Devang Pravin Mody (former Director and CEO), Ravindra Somayajula Rao (former Director), Dhananjay Bhagwanprasad Tiwari (former Director), Rajesh Krishnamoorthy (former Executive Risk Officer), and Lav Chaturvedi (former Chief Risk Officer).
According to the CBI investigation, funds borrowed by RCFL were allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies. The agency stated that this diversion violated the terms and conditions governing the borrowings, leading to wrongful losses for the lending banks and corresponding wrongful gains for the accused persons and related entities.
The CBI registered the case following complaints from the Bank of Maharashtra and other public sector banks within the 13-bank consortium. The total loss incurred by these public sector banks is estimated at Rs 4,097 crore.
The agency noted that further investigation remains open to determine the roles of other directors, entities, and public servants who may have been involved in causing the financial loss. Officials indicated that supplementary chargesheets are expected to be filed in due course.
The CBI has registered a total of seven FIRs against Reliance Communications Limited (RCom), RHFL, RCFL, and Reliance Telecom Limited (RTL) based on complaints from various public sector banks and the Life Insurance Corporation (LIC).
This chargesheet marks the second one filed in the broader Reliance ADA Group cases. The CBI previously filed its first chargesheet in the Reliance Communications Limited (RCom) case on May 29 against 16 accused individuals. The Supreme Court is currently monitoring the ongoing investigations into these cases.
