CBI files chargesheet against seven in Reliance Commercial Finance case

CBI charges seven,including ex-Reliance execs,in ₹4,097 crore loss case affecting public banks. Investigation widens to other Reliance Group entities. Supreme Court monitors the progress.

BRIC Team

Jul 7, 2026 · 2 min read · 7 views

CBI files chargesheet against seven in Reliance Commercial Finance case

Key Takeaways

•The CBI's chargesheet filed on July 7, 2026, implicates seven individuals, including former RCFL CEO Devang Mody.
•The alleged fraud resulted in a staggering loss of ₹4,097 crore reported by a 13-bank consortium.
•Three individuals, including former vice-chairman Amitabh Jhunjhunwala, are currently in judicial custody related to the case.
•The CBI is investigating multiple Reliance Group companies, including Reliance Communications Limited, following complaints from public sector banks.
•The Supreme Court is closely monitoring the CBI's investigation into the Reliance Group financial misconduct.

The Central Bureau of Investigation (CBI) has filed its first chargesheet in ongoing Reliance Commercial Finance Limited (RCFL) case, implicating seven individuals, including former executives from the Reliance Group. charges, announced on Tuesday,July 7, 2026, detail allegations of criminal conspiracy and cheating aimed at inflicting substantial losses on public sector banks.

Among those named in chargesheet are Devang Pravin Mody, the former director and CEO of RCFL, along with directors Ravindra Somayajula Rao and Dhananjay Bhagwanprasad Tiwari, and former chief risk officers Rajesh Krishnamoorthy and Lav Chaturvedi. The CBI claims that these individuals diverted funds borrowed by RCFL through various intermediary entities,violating the stipulated terms of the loans.

The investigation was initiated following complaints from Bank of Maharashtra and other members of a 13-bank consortium, which reported a staggering total loss of ₹4,097 crore. The CBI has indicated that it will continue to investigate roles of additional directors,entities, and public servants who may have contributed to these wrongful losses.

So far, the agency has arrested three individuals connected to case: Amitabh Jhunjhunwala, former vice-chairman of Reliance Capital Ltd., Devang Mody,and Amit Bapna,former CFO of Reliance Capital Ltd. Currently,Jhunjhunwala and Mody are in judicial custody, while Bapna remains in CBI custody.

The CBI has expanded its investigation to include multiple cases against several Reliance Group companies, including Reliance Communications Limited (RCom),Reliance Home Finance Ltd. (RHFL), RCFL, and Reliance Telecom Limited (RTL). This follows earlier complaints from various public sector banks and the Life Insurance Corporation. The agency had previously filed a chargesheet in the RCom case on May 29, naming 16 individuals.

As investigation progresses,the CBI has stated that it is under the scrutiny of Supreme Court, which is monitoring the proceedings closely. agency remains committed to a thorough investigation,with supplementary chargesheets anticipated as new findings emerge.

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