Mumbai | The Central Bureau of Investigation (CBI) has filed its first chargesheet before a Special CBI Court in Mumbai in the alleged ₹4,097 crore bank fraud case involving Reliance Commercial Finance Limited (RCFL). The chargesheet names seven accused, including two Reliance Group companies and five former senior executives of RCFL.
According to the CBI, the case was registered earlier this year following complaints filed by the Bank of Maharashtra and other public sector banks that were part of a lending consortium. The investigating agency has alleged that the fraud resulted in a wrongful loss of approximately ₹4,097 crore to the consortium of 13 public sector banks.
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The chargesheet names Reliance Infrastructure Ltd. and Reliance Home Finance Limited (RHFL) as accused entities. It also includes five former senior RCFL executives: former Director and Chief Executive Officer Devang Pravin Mody, former Director Ravindra Somayajula Rao, former Director Dhananjay Bhagwanprasad Tiwari, former Executive Risk Officer Rajesh Krishnamoorthy, and former Chief Risk Officer Lav Chaturvedi.
The CBI has alleged that irregularities in loan disbursal and related financial transactions caused substantial financial losses to the lending banks. The agency is continuing to examine the utilisation of loan funds, the loan sanction process and other financial transactions connected with the case.
The filing of the chargesheet marks the first major milestone in the investigation. The CBI said its probe into other aspects of the case and the possible involvement of additional individuals or entities is continuing.
The matter will now be heard by the Special CBI Court in Mumbai, which will decide the next course of judicial proceedings after examining the chargesheet and the evidence submitted by the investigating agency. The allegations remain subject to judicial scrutiny, and the guilt or innocence of the accused will be determined by the court after due trial.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
