India, July 9 -- The CBI on Tuesday filed its first chargesheet in the alleged Rs 4,097-crore bank fraud involving Reliance Commercial Finance Limited (RCFL), naming seven accused, including two Reliance group companies and five former senior executives, before a Special CBI Court in Mumbai. The chargesheet names Reliance Infrastructure Ltd, Reliance Home Finance Limited (RHFL), Devang Pravin Mody (former Director and CEO), Ravindra Somayajula Rao (Director), Dhananjay Bhagwanprasad Tiwari (Director), Rajesh Krishnamoorthy (Executive Risk Officer) and Lav Chaturvedi (Chief Risk Officer). According to the CBI, its investigation found that loans availed by RCFL from a consortium of 13 public sector banks were allegedly diverted to the Reliance ADA Group through various intermediaries and conduit entities in violation of the terms and conditions of the loan agreements. Also Read - WhatsApp's reply on 'username' notice due today: IT Secretary The agency alleged that the diversion of funds and subsequent defaults caused a wrongful loss of Rs 4,097 crore to the consortium banks while benefiting the accused and others. The case was registered on complaints filed by the Bank of Maharashtra and other consortium member banks that had extended credit facilities to RCFL. The CBI said further investigation is underway to ascertain the role of other directors, companies and public servants in the alleged fraud. Separately, the agency has arrested Amitabh Jhunjhunwala, former Vice Chairman of Reliance Capital Ltd, Devang Pravin Mody, former CEO of RCFL, and Amit Bapna, former Chief Financial Officer of Reliance Capital Ltd. Jhunjhunwala and Mody are in judicial custody, while Bapna remains in CBI custody. The RCFL case marks the second chargesheet filed by the CBI in connection with alleged financial irregularities involving companies of the Reliance ADA Group. Earlier, on May 29, 2026, the agency filed a chargesheet in the Reliance Communications (RCom) case, the investigation of which has been closely monitored by the Supreme Court.

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