CBI chargesheets 5 former RCFL executives in Rs 4,097 crore bank fraud case
The Central Bureau of Investigation (CBI) has filed its first chargesheet in the Reliance Commercial Finance Limited (RCFL) case, accusing five former senior executives of causing an alleged loss of ₹4,097 crore to a consortium of 13 public sector banks through diversion of funds.
The chargesheet was filed before a special court in Mumbai against former RCFL officials, including former Director and CEO Devang Pravin Mody, Director Ravindra Somayajula Rao, Director Dhananjay Bhagwanprasad Tiwari, Executive Risk Officer Rajesh Krishnamoorthy, and Chief Risk Officer Lav Chaturvedi.
The agency has also named Reliance Infrastructure Ltd and Reliance Home Finance Ltd (RHFL) as accused in the case. The CBI has alleged that funds borrowed by RCFL from banks were diverted through intermediary entities to other Reliance ADA Group companies, violating lending conditions and causing financial losses to the banks.
According to the CBI, the case was registered following complaints from Bank of Maharashtra and other public sector banks that were part of the lending consortium. The total alleged loss to the 13 banks has been estimated at ₹4,097 crore.
The agency said the investigation is still underway and further supplementary chargesheets may be filed after examining the role of other directors, companies and public servants allegedly involved in the case.
Earlier, the CBI had arrested former Reliance Capital vice chairman Amitabh Jhunjhunwala, former RCFL CEO Devang Mody, and former Reliance Capital CFO Amit Bapna. While Jhunjhunwala and Mody are in judicial custody, Bapna remains in CBI custody.
The CBI has registered seven FIRs against Reliance Communications Ltd (RCom), Reliance Home Finance Ltd, Reliance Commercial Finance Ltd and Reliance Telecom Ltd based on complaints received from public sector banks and the Life Insurance Corporation of India (LIC).
