**Executive Summary**
On July 7, 2026, the Central Bureau of Investigation (CBI) filed its first chargesheet in the Reliance Commercial Finance Limited (RCFL) case involving the alleged diversion of borrowed funds to Reliance ADA Group companies. The case involves an estimated loss of Rs. 4,097 crore to 13 Public Sector Banks. The investigation is currently ongoing under the monitoring of the Supreme Court, with further supplementary chargesheets expected as the roles of additional entities are examined.
**Key Points / Main Content**
**Chargesheet and Accused Parties**
* The CBI filed the chargesheet before the Special Judge for CBI Cases in Mumbai.
* Seven accused are named, including two companies: Reliance Infrastructure Ltd. and Reliance Home Finance Limited (RHFL).
* Five former senior RCFL executives are charged: 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).
**Nature of Allegations**
* Borrowed funds were diverted through intermediary and conduit entities to various Reliance ADA Group companies.
* The diversion violated borrowing terms and conditions, leading to wrongful gains for the accused and wrongful losses for lenders.
* The total loss to 13 Public Sector Banks, including the Bank of Maharashtra, is estimated at Rs. 4,097 crore.
**Status of Investigation and Arrests**
* The CBI has registered seven FIRs related to Reliance ADA Group companies.
* Amitabh Jhunjhunwala (former Vice Chairman, Reliance Capital Ltd.) and Devang Pravin Mody are currently in judicial custody.
* Amit Bapna (former CFO, Reliance Capital Ltd.) is in CBI custody.
* The investigation continues to examine the roles of other directors, public servants, and entities.
**Impact Analysis**
**Public Sector Banks (Lending Consortium)**
**Impact**
The banks have suffered a collective wrongful financial loss estimated at Rs. 4,097 crore due to the violation of borrowing terms.
**Action Required**
Continue to assist the CBI in its ongoing investigation to recover losses and provide further evidence if required.
**Accused Individuals and Reliance Group Companies**
**Impact**
The named entities and former executives face formal criminal charges and legal proceedings in the CBI Special Court; several high-ranking former officials are already in custody.
**Action Required**
The accused must respond to the charges filed in the chargesheet before the Special Judge for CBI Cases, Mumbai.
**Central Bureau of Investigation (CBI)**
**Impact**
The agency is responsible for concluding the investigation into other potential suspects and public servants while being monitored by the Supreme Court.
**Action Required**
Conduct an expeditious and comprehensive investigation and file supplementary chargesheets if the roles of other directors or entities are confirmed.
Key Entities Referenced
Central Bureau of Investigation (CBI): The primary investigative agency that filed the chargesheet and is conducting the investigation into the financial fraud.
Reliance Commercial Finance Limited (RCFL): The principal entity involved in the case, accused of diverting borrowed funds and causing losses to public sector banks.
Reliance ADA Group: The conglomerate identified as the destination for diverted funds through various intermediary and conduit entities.
Bank of Maharashtra: The lead complainant among a consortium of 13 public sector banks that incurred an estimated loss of Rs. 4,097 crore.
Supreme Court of India: The judicial authority monitoring the CBI's investigation into the cases related to Reliance ADA Group companies.
Ministry of Personnel, Public Grievances & Pensions
CBI files first chargesheet in Reliance
Commercial Finance Ltd (RCFL) case
प्रव तथ: 07 JUL 2026 5:49PM by PIB Mumbai
Mumbai : 7 July 2026
The Central Bureau of Investigation (CBI) has filed its first chargesheet in the
Reliance Commercial Finance Limited (RCFL) case before the Special Judge for CBI
Cases, Mumbai, on July 7, 2026. The chargesheet names seven accused, including
two Reliance Group companies, Reliance Infrastructure Ltd. and Reliance Home
Finance Limited (RHFL), along with five former senior executives of RCFL. They 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 has found that funds borrowed by RCFL were
diverted through intermediary and conduit entities to various Reliance ADA Group
companies. The agency alleged that the diversion was made in violation of the
terms and conditions of the borrowings, causing wrongful loss to lending Public
Sector Banks and wrongful gain to the accused and related entities.
The case was registered on the basis of complaints received from Bank of
Maharashtra and other Public Sector Banks of the lending consortium. The total
alleged loss to 13 Public Sector Banks has been estimated at Rs. 4,097 crore. The
CBI said further investigation is continuing to examine the role of other directors,
entities and public servants. Supplementary chargesheets will be filed, if required.
So far, the CBI has arrested Amitabh Jhunjhunwala, former Vice Chairman of
Reliance Capital Ltd., Devang Pravin Mody and Amit Bapna, former Chief Financial
Officer of Reliance Capital Ltd. Amitabh Jhunjhunwala and Devang Pravin Mody are
in judicial custody, while Amit Bapna is in CBI custody.
The agency said it has registered seven FIRs in cases related to Reliance ADA Group
companies. The investigation is being monitored by the Supreme Court. The CBI
said it remains committed to conducting an expeditious and comprehensive
investigation into them.
PIB Mumbai | Robin Singh/ Priti Malandkar
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