Mumbai: The Central Bureau of Investigation (CBI) on Tuesday said it has filed a criminal case against Reliance Commercial Finance Ltd (RCFL) and its promoters and directors over allegedly causing wrongful loss of Rs 57.47 crore to Bank of Maharashtra.
The case has been registered against RCFL — a company of Reliance ADA Group, its promoters/directors and unknown bank officials, on the allegations of criminal conspiracy, cheating and criminal misconduct and thereby, the CBI said in a statement.
According to the statement, the loan account of Reliance Commercial Finance Ltd was declared an NPA by the bank on March 25, 2020 and also as fraud on October 4, 2025, for causing wrongful loss of Rs 57.47 crore to Bank of Maharashtra.
“RCFL was availing loans to the tune of Rs 9,280 crore from 31 banks/ FIs/NBFCs/Corporate Bodies, etc., including Bank of Maharashtra. A thorough investigation will be conducted into the allegations of defrauding all the banks/FIs, etc. by the accused company,” said the CBI.
The probe agency obtained search warrants from the court of a Special CBI judge, Mumbai and commenced searches at the official premises of RCFL at Mumbai and the residential premises of Devang Pravin Mody, Director of the company, at Pune, on December 9.
“Several incriminating documents have been observed and are being taken into possession during searches. Searches are in progress,” the CBI said.
Meanwhile, the Enforcement Directorate (ED) has filed a supplementary charge sheet against Reliance Power Ltd and 10 others, in the case of fake bank guarantees of Rs 68 crore submitted by Reliance Power Limited to the Solar Energy Corporation of India (SECI) for the purpose of securing a tender issued by it. ED attached the proceeds of crime worth Rs 5.15 crore as well.
Reliance Power Ltd said in a statement that “ED allegations have not yet passed through judicial scrutiny and the Company has not been held guilty of any wrongdoing”.
“As per law settled by the Supreme Court, the company will get an opportunity to put across its case and facts before the court, even before cognisance, so filing of this complaint does not affect the affairs of the company in any manner,” said the company in an exchange filing.
(IANS)
