Daijiworld Media Network - Mumbai

Mumbai, Dec 9: The Central Bureau of Investigation (CBI) has registered a criminal case against Reliance Commercial Finance Ltd (RCFL), its promoters, directors, and unknown bank officials for allegedly causing a wrongful loss of Rs 57.47 crore to the Bank of Maharashtra.

According to the agency, RCFL — part of the Reliance ADA Group — is accused of criminal conspiracy, cheating, and criminal misconduct. The Bank of Maharashtra had declared the RCFL loan account as a non-performing asset (NPA) on March 25, 2020 and later classified it as fraud on October 4, 2025.

CBI noted that RCFL had availed loans amounting to Rs 9,280 crore from 31 financial institutions, including the Bank of Maharashtra. The agency said it will investigate the possibility of fraud committed against all the involved lenders.

Following court-issued search warrants, the CBI conducted searches on December 9 at RCFL’s Mumbai office and at the Pune residence of company director Devang Pravin Mody. Several incriminating documents were found and taken into possession, the agency said, adding that searches are still underway.

Meanwhile, in a separate case, the Enforcement Directorate (ED) has filed a supplementary chargesheet against Reliance Power Ltd and 10 others concerning alleged fake bank guarantees worth Rs 68 crore submitted to the Solar Energy Corporation of India (SECI). The ED has also attached proceeds of crime valued at Rs 5.15 crore.

Reliance Power, in a statement, said the ED’s allegations have not been tested in court and emphasised that the company has not been found guilty. It added that the law entitles it to present its case before cognisance is taken and that the complaint does not impact its operations.