Prateek Tanmay
3 min readJul 7, 2026 07:55 PM IST
The Central Bureau of Investigation (CBI) on Tuesday filed its first chargesheet in the alleged Reliance Commercial Finance Limited (RCFL) bank fraud case before a special CBI court in Mumbai, naming seven accused, including two Reliance Group companies.
The case was registered earlier this year on complaints by the Bank of Maharashtra and other public sector banks that were part of a lending consortium. According to the CBI, the alleged fraud caused losses of Rs 4,097 crore to the consortium of 13 public sector banks.
The chargesheet names Reliance Infrastructure Ltd and Reliance Home Finance Limited (RHFL), along with five former senior RCFL executives: Devang Pravin Mody, former Director and Chief Executive Officer; 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, its investigation found that loans availed by RCFL were allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies in violation of the lending conditions. The agency alleged that the diversion of funds resulted in losses to the lending banks and corresponding gains to the accused and related entities.
The agency said further investigation is underway to ascertain the role of other directors, entities and public servants who may have been involved in the alleged fraud.
The CBI has so far arrested three people in the case: Amitabh Jhunjhunwala, former Vice Chairman of Reliance Capital Ltd; Devang Pravin Mody; and Amit Bapna, former Chief Financial Officer of Reliance Capital Ltd. Jhunjhunwala and Mody, who were arrested last month, are in judicial custody, while Bapna, arrested on July 4, remains in CBI custody.
Bapna served as the company’s Chief Financial Officer from August 2014 to December 2019 and was among the key executives responsible for managing its financial affairs.
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The CBI has registered seven FIRs relating to different Reliance ADA Group companies, including Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL), based on complaints by public sector banks and the Life Insurance Corporation of India (LIC).
The agency had filed its first chargesheet in the Reliance Communications case on May 29 against 16 accused. It said the present chargesheet is the second filed in matters involving Reliance ADA Group companies and that further supplementary chargesheets are expected. The investigations are being monitored by the Supreme Court.
