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CBI registers criminal case against Reliance Commercial Finance Ltd over Rs 57.47 crore bank fraud. Searches underway at company offices and director’s residence- what incriminating evidence could the probe reveal next?
CBI registers criminal case against Reliance Commercial Finance Ltd
Mumbai: The Central Bureau of Investigation (CBI) has registered a criminal case against Reliance Commercial Finance Ltd (RCFL), part of the Reliance ADA Group, its promoters, directors, and unidentified bank officials following a complaint by Bank of Maharashtra.
The case involves allegations of criminal conspiracy, cheating, and misconduct, which reportedly caused a wrongful loss of Rs. 57.47 crore to the bank.
The loan account of RCFL with Bank of Maharashtra was declared a Non-Performing Asset (NPA) on March 25, 2020, and subsequently classified as fraud on October 4, 2025, after the bank identified the alleged wrongful loss.
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The company had been availing loans totalling Rs. 9,280 crore from 31 banks, financial institutions, NBFCs, and corporate bodies, including Bank of Maharashtra.
CBI officials have confirmed that the investigation will extend to allegations of defrauding multiple financial institutions by the accused company, as part of a thorough and detailed probe.
Pursuant to the case registration, the CBI obtained search warrants from the Special Judge for CBI, Mumbai, and began searches on December 9, 2025, at the official premises of RCFL in Mumbai and the residential premises of Shri Devang Pravin Mody, Director of RCFL, in Pune.
During the searches, investigators reportedly discovered several incriminating documents, which are currently being seized and taken into possession. The searches are ongoing, and CBI officials have indicated that more evidence may be uncovered as the investigation progresses.
The case against RCFL highlights growing scrutiny over alleged frauds involving corporate loans in India. With multiple financial institutions affected, the probe is expected to examine whether the irregularities were limited to Bank of Maharashtra or part of a larger network of fraudulent financial practices.
CBI has assured that the investigation will be comprehensive, aiming to bring all responsible individuals and entities to justice. Further updates are expected as the searches continue and more details are revealed.
