Mumbai: The CBI has registered a criminal case against M/s Reliance Commercial Finance Ltd. (M/s RCFL) (a company of Reliance ADA Group), its promoters, directors and unknown bank officials, based on a complaint of Bank of Maharashtra on the allegations of criminal conspiracy, cheating and criminal misconduct and thereby causing wrongful loss of Rs. 57.47 crores to Bank of Maharashtra.
The loan account of M/s Reliance Commercial Finance Ltd. was declared NPA by the bank on 25.03.2020 and also as Fraud on 04.10.2025 for causing wrongful loss of Rs. 57.47 crores to Bank of Maharashtra. "M/s RCFL was availing loans to the tune of Rs. 9,280 crores from 31 Banks / FIs / NBFCs / Corporate Bodies etc., including Bank of Maharashtra. A thorough investigation will be conducted into the allegations of defrauding all the banks/FIs etc. by the accused company," said a CBI official.
The CBI obtained search warrants from the court of Special Judge for CBI, Mumbai and has commenced searches at official premises of the company M/s RCFL at Mumbai and residential premises of Devang Pravin Mody, Director of M/s Reliance Commercial Finance Ltd., at Pune, on 09.12.2025.
Several incriminating documents have been observed and are being taken into possession during searches. Searches are in progress, officials said.
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