CBI chargesheets seven in Reliance Commercial Finance case
The Central Bureau of Investigation (CBI) on Tuesday (July 7, 2026) filed the first chargesheet against seven accused in the Reliance Commercial Finance Limited (RCFL)
The Central Bureau of Investigation (CBI) on Tuesday (July 7, 2026) filed the first chargesheet against seven accused in the Reliance Commercial Finance Limited (RCFL) case. Two Reliance Group companies — Reliance Infrastructure Ltd. and Reliance Home Finance Ltd. (RHFL) — and five former senior executives of RCFL have been named. The agency has identified the individuals as the then director and chief executive officer Devang Pravin Mody, directors Ravindra Somayajula Rao and Dhananjay Bhagwanprasad Tiwari, executive risk officer Rajesh Krishnamoorthy, and former chief risk officer Lav Chaturvedi.
They have been accused of criminal conspiracy, and cheating with intent to cause huge losses to public sector banks. The chargesheet alleges that funds borrowed by RCFL were diverted through intermediary and conduit entities to various Reliance ADA (Anil Dhirubhai Ambani) Group companies, in violation of the terms and conditions governing such borrowings. The CBI registered the case based on complaints received from the Bank of Maharashtra and other public sector banks of the 13-member consortium. The total loss caused was ₹4,097 crore. “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 agency said. The CBI has so far arrested three accused persons in the case, Amitabh Jhunjhunwala, former vice-chairman of Reliance Capital Ltd.; Mr. Mody, and Amit Bapna, former chief financial officer of Reliance Capital Ltd. Mr. Jhunjhunwala and Mr. Mody are currently in judicial custody, while Mr. Bapna is in CBI custody, it said. The agency has registered seven cases against Reliance Communications Limited (RCom), RHFL, RCFL, and Reliance Telecom Limited (RTL) based on complaints received from various public sector banks and the Life Insurance Corporation.
It had earlier filed its first chargesheet in the RCom case on May 29 against 16 accused persons. “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,” the agency said.
The BriefWire