The action follows a complaint filed by the Bank of Maharashtra, which alleged criminal conspiracy, cheating, and misconduct that resulted in a wrongful loss to the bank
RCFL’s loan account was declared a Non-Performing Asset (NPA) on March 25, 2020 and later classified as fraud on October 4, 2025, officials said. Representational Pic/File/AFP
The Central Bureau of Investigation (CBI) has registered a criminal case against Reliance Commercial Finance Ltd. (RCFL), a company of the Reliance ADA Group, in connection with a bank fraud worth Rs 57.47 crore. The case names the company’s promoters, directors, and unknown bank officials, an official statement said.
The action follows a complaint filed by the Bank of Maharashtra, which alleged criminal conspiracy, cheating, and misconduct that resulted in a wrongful loss to the bank.
According to the complaint, RCFL’s loan account was declared a Non-Performing Asset (NPA) on March 25, 2020 and later classified as fraud on October 4, 2025.
Investigators stated that RCFL had taken loans amounting to Rs 9,280 crore from a group of 31 banks, financial institutions, NBFCs, and corporate bodies, including the Bank of Maharashtra.
The CBI will now conduct a detailed investigation into allegations of fraud against all these lenders.
On December 9, 2025, after securing court-approved search warrants, CBI teams carried out searches at the company’s Mumbai office and at the Pune residence of Devang Pravin Mody, a Director of RCFL.
Officials reported that they found several incriminating documents, which are now being seized as part of the investigation.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
