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.