Mumbai, Dec 9 (LatestNewsX)—The Central Bureau of Investigation announced that it has lodged criminal charges against Reliance Commercial Finance Ltd (RCFL) and its promoters and directors, alleging that they caused Bank of Maharashtra a wrongful loss of ₹57.47 crore.
The filing cites criminal conspiracy, cheating and misconduct by RCFL, its leadership and unidentified bank officials. According to the investigation, RCFL’s loan account was declared a non-performing asset on 25 March 2020 and marked as fraud on 4 October 2025 owing to the alleged loss to the bank.
“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 team secured search warrants from a Special CBI judge in Mumbai, commencing operations on December 9 at RCFL’s headquarters in the city and at the Pune residence of Director Devang Pravin Mody. In the course of the searches, investigators seized numerous incriminating documents, which are now in their possession. “Several incriminating documents have been observed and are being taken into possession during searches. Searches are in progress,” the agency stated.
Meanwhile, the Enforcement Directorate has filed a supplementary charge sheet against Reliance Power Ltd and ten other parties in relation to false bank guarantees totalling ₹68 crore that were presented by Reliance Power to the Solar Energy Corporation of India (SECI) for a tender. The ED also attached proceeds from the alleged crime amounting to ₹5.15 crore.
Reliance Power responded with a statement saying, “ED allegations have not yet passed through judicial scrutiny and the Company has not been held guilty of any wrongdoing.” The firm further added, “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.
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