CBI Files First Chargesheet In RCFL Case Against 2 Reliance Group Companies, 5 Former Executives

Mumbai, July 7, 2026: The Central Bureau of Investigation (CBI) on Tuesday filed the first chargesheet in the Reliance Commercial Finance Limited (RCFL) case before the Special Judge for CBI cases, Mumbai.

Chargesheet Filed Against Companies

The chargesheet was filed against two Reliance Group companies, namely Reliance Infrastructure Ltd. and Reliance Home Finance Limited (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), for offences of criminal conspiracy and cheating with intent to cause huge losses to public sector banks.

According to the CBI, the chargesheet is based on the investigation conducted by the agency, which has revealed that funds borrowed by RCFL were allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies, in violation of the terms and conditions governing such borrowings, thereby allegedly causing wrongful loss to the lending banks and corresponding wrongful gain to the accused persons and related entities.

Investigation Continues

The CBI had registered the case based on complaints received from Bank of Maharashtra and other public sector banks of the consortium. The total loss caused to 13 public sector banks of the consortium is Rs 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, officials said.

The CBI has registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) on the basis of complaints received from various public sector banks and LIC.

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The CBI had earlier filed its first chargesheet in the Reliance Communications Limited (RCom) case on May 29 against 16 accused persons. The present chargesheet is the second chargesheet filed in the Reliance ADA Group cases. These cases are under investigation, and the investigation is being monitored by the Supreme Court.

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