CBI files first charge sheet in RCFL case, ₹4,097 crore loss to banks
Synopsis
The CBI has filed its first charge sheet in the RCFL case, naming two Reliance Group companies and five former executives for allegedly diverting borrowed funds through conduit entities — inflicting a ₹4,097 crore loss on 13 public sector banks. It is the second charge sheet in the broader Reliance ADA Group probe, which is being monitored by the Supreme Court.
Key Takeaways
The CBI filed the first charge sheet in the RCFL case on 7 July , naming 7 accused .
Accused include Reliance Infrastructure Ltd and Reliance Home Finance Ltd , along with 5 former RCFL executives .
Alleged wrongful loss to 13 public sector banks stands at ₹4,097 crore ; case originated from a complaint by Bank of Maharashtra .
Three persons — Amitabh Jhunjhunwala , Devang Pravin Mody , and Amit Bapna — have been arrested; two are in judicial custody, one in CBI custody.
This is the second charge sheet in the Reliance ADA Group cases; the first was filed in the RCom case on 29 May against 16 accused .
The investigation is being monitored by the Supreme Court ; supplementary charge sheets are expected.
The Central Bureau of Investigation (CBI) on Tuesday, 7 July filed the first charge sheet in the Reliance Commercial Finance Ltd (RCFL) case before the Special Judge for CBI cases in Mumbai, naming seven accused — including two Reliance Group companies — for allegedly causing a wrongful loss of ₹4,097 crore to public sector banks. The charge sheet marks a significant escalation in the agency's probe into the Reliance ADA Group financial fraud cases, which are being monitored by the Supreme Court.
Who Has Been Charged
The seven accused named in the charge sheet include two corporate entities — Reliance Infrastructure Ltd and Reliance Home Finance Ltd (RHFL) — and five former senior executives of RCFL: Devang Pravin Mody (Director & CEO), Ravindra Somayajula Rao (Director), Dhananjay Bhagwanprasad Tiwari (Director), Rajesh Krishnamoorthy (Executive Risk Officer), and Lav Chaturvedi (Chief Risk Officer). The charges include criminal conspiracy and cheating with intent to cause losses to public sector banks.
How the Alleged Fraud Was Carried Out
According to the CBI, funds borrowed by RCFL were allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies, in direct violation of the terms and conditions governing the borrowings. This diversion, the agency contends, caused wrongful losses to the lending banks while generating corresponding wrongful gains for the accused and related entities.
The case was originally registered based on complaints received from Bank of Maharashtra and other public sector banks forming part of the lending consortium. In total, 13 public sector banks are reported to have suffered the combined loss of ₹4,097 crore.
Arrests and Custody Status
The CBI has so far arrested three accused in this case. Amitabh Jhunjhunwala, former Vice Chairman of Reliance Capital Ltd, and Devang Pravin Mody, former CEO of RCFL, are currently in judicial custody. Amit Bapna, former Chief Financial Officer of Reliance Capital Ltd, is presently in CBI custody.
Broader Reliance ADA Group Investigation
This charge sheet is the second filed in the Reliance ADA Group cases overall. The CBI has registered seven FIRs against group entities including Reliance Communications Ltd (RCom), RHFL, RCFL, and Reliance Telecom Ltd (RTL), on the basis of complaints from various public sector banks and Life Insurance Corporation of India (LIC). The agency had earlier filed its first charge sheet in the RCom case on 29 May, naming 16 accused persons.
The CBI has indicated that further investigation remains open to determine the role of other directors, entities, and public servants involved. Supplementary charge sheets are expected to be filed in due course, with the entire investigation continuing under Supreme Court oversight.
Point of View
RHFL, RCFL, and RTL, all under Supreme Court watch. What stands out is the structural allegation: that borrowed funds were systematically routed through conduit entities back into the ADA Group, suggesting a deliberate architecture of diversion rather than ad hoc misuse. With three arrests made and investigation kept open for public servants and other directors, the CBI appears to be building toward a wider net. The real accountability question is whether the 13 banks that collectively lost ₹4,097 crore had adequate oversight mechanisms — and whether regulatory gaps enabled the alleged scheme to run as long as it did.
NationPress
7 Jul 2026
Frequently Asked Questions
What is the CBI charge sheet filed in the RCFL case?
The CBI filed its first charge sheet in the Reliance Commercial Finance Ltd (RCFL) case on 7 July before a Special CBI Judge in Mumbai, naming seven accused — including Reliance Infrastructure Ltd, Reliance Home Finance Ltd, and five former RCFL executives — for allegedly causing a ₹4,097 crore loss to 13 public sector banks through fund diversion.
Who are the accused named in the RCFL charge sheet?
The seven accused are Reliance Infrastructure Ltd, Reliance Home Finance Ltd (RHFL), and five former executives of RCFL: Devang Pravin Mody (Director & CEO), Ravindra Somayajula Rao (Director), Dhananjay Bhagwanprasad Tiwari (Director), Rajesh Krishnamoorthy (Executive Risk Officer), and Lav Chaturvedi (Chief Risk Officer). Charges include criminal conspiracy and cheating.
How were the funds allegedly diverted in the RCFL case?
According to the CBI, funds borrowed by RCFL were allegedly channelled through intermediary and conduit entities to various Reliance ADA Group companies, in violation of the borrowing terms. This allegedly caused wrongful losses to the lending banks and wrongful gains to the accused and related entities.
Who has been arrested in the RCFL case so far?
Three persons have been arrested: Amitabh Jhunjhunwala (former Vice Chairman, Reliance Capital Ltd), Devang Pravin Mody (former CEO, RCFL), and Amit Bapna (former CFO, Reliance Capital Ltd). Jhunjhunwala and Mody are in judicial custody; Bapna is in CBI custody.
How does this charge sheet fit into the broader Reliance ADA Group probe?
This is the second charge sheet filed in the Reliance ADA Group cases. The CBI has registered seven FIRs against RCom, RHFL, RCFL, and Reliance Telecom Ltd based on complaints from public sector banks and LIC. The first charge sheet, in the RCom case, was filed on 29 May against 16 accused. The entire investigation is under Supreme Court monitoring.
