Has CBI Filed a Case Against Reliance Commercial Finance for a Rs 57.47 Crore Fraud?
Synopsis
The CBI has launched a criminal case against Reliance Commercial Finance and its directors for allegedly defrauding Bank of Maharashtra. With a significant loss of Rs 57.47 crore on the line, this investigation uncovers serious allegations of financial misconduct.
Key Takeaways
CBI files case against Reliance Commercial Finance for fraud.
Alleged loss of Rs 57.47 crore to Bank of Maharashtra .
Searches conducted at RCFL offices and directors’ residences.
ED also pursuing separate allegations against Reliance Power .
Company claims innocence regarding ED charges.
Mumbai, Dec 9 (NationPress) The Central Bureau of Investigation (CBI) announced on Tuesday that it has initiated a criminal case against Reliance Commercial Finance Ltd (RCFL), along with its promoters and directors, for allegedly inflicting a wrongful loss of Rs 57.47 crore on Bank of Maharashtra.
The case has been filed against RCFL, a subsidiary of the Reliance ADA Group, its promoters/directors, and unidentified bank officials, with allegations of criminal conspiracy, cheating, and criminal misconduct, as stated by the CBI.
As per the statement, the loan account belonging to Reliance Commercial Finance Ltd was declared a non-performing asset (NPA) by the bank on March 25, 2020, and later categorized as fraud on October 4, 2025, for causing a wrongful loss of Rs 57.47 crore to Bank of Maharashtra.
The CBI mentioned that RCFL had loans amounting to Rs 9,280 crore from 31 banks and financial institutions, including Bank of Maharashtra. A comprehensive investigation into the allegations of defrauding these banks and financial institutions will be undertaken by the accused company.
The investigative agency has obtained search warrants from a Special CBI judge in Mumbai and commenced searches at the official offices of RCFL in Mumbai, as well as at the residence of Devang Pravin Mody, a director of the company, in Pune, on December 9.
During these searches, numerous incriminating documents have been discovered and are currently being secured. The CBI stated that the search operations are ongoing.
In a related development, the Enforcement Directorate (ED) has submitted a supplementary charge sheet against Reliance Power Ltd and ten others regarding the submission of fake bank guarantees amounting to Rs 68 crore to the Solar Energy Corporation of India (SECI) for securing a tender issued by them. The ED has also attached proceeds of crime valued at Rs 5.15 crore.
Reliance Power Ltd responded by stating that the allegations from the ED have not undergone judicial examination and that the company has not been found guilty of any wrongdoing.
According to the company, as established by the Supreme Court, they will have the opportunity to present their facts and arguments before the court, even prior to any cognizance, hence the filing of this complaint will not impact the company’s operations.
Point of View
It is crucial to emphasize that this situation underscores the importance of financial accountability and transparency in corporate practices. The nation deserves clarity and justice in such serious allegations against prominent companies.
NationPress
8 Jul 2026
Frequently Asked Questions
What is the case against Reliance Commercial Finance about?
The CBI has filed a case against Reliance Commercial Finance for allegedly causing a wrongful loss of Rs 57.47 crore to Bank of Maharashtra through claims of criminal conspiracy and misconduct.
When was the loan account declared an NPA?
The loan account of Reliance Commercial Finance was declared a non-performing asset (NPA) on March 25, 2020.
What actions has the CBI taken regarding this case?
The CBI has obtained search warrants and has begun searches at the official and residential premises of those involved, collecting incriminating documents.
What are the implications of the ED's supplementary charge sheet?
The ED has filed a supplementary charge sheet against Reliance Power Ltd for involvement in fake bank guarantees, indicating further scrutiny of financial practices in the sector.
What is Reliance Power's stance on the ED's allegations?
Reliance Power stated that the ED's allegations have not been judicially verified and they maintain their innocence regarding any wrongdoing.
