The central bureau of investigation (CBI) has filed its first charge-sheet in the alleged ₹4,097 crore bank fraud involving Reliance Commercial Finance Ltd (RCFL), naming seven accused, including two companies from the Reliance Anil Dhibubhai Ambani (ADA) group and five former senior executives of RCFL, for alleged criminal conspiracy and cheating that caused substantial losses to a consortium of public sector banks.
The charge-sheet was filed before the Special Judge for CBI Cases in Mumbai.
According to CBI, the accused include Reliance Infrastructure Ltd (R-Infra), Reliance Home Finance Ltd (RHFL), and five former RCFL executives — Devang Pravin Mody, former director and chief executive officer (CEO); Ravindra Somayajula Rao, former director; Dhananjay Bhagwanprasad Tiwari, former director; Rajesh Krishnamoorthy, former executive risk officer and Lav Chaturvedi, former chief risk officer.
The agency alleged that funds borrowed by RCFL from a consortium of public sector banks (PSBs) were diverted through intermediary and conduit entities to various companies belonging to the Reliance ADA group, in violation of the terms and conditions governing the borrowings.
According to the charge-sheet, the alleged diversion of funds resulted in wrongful losses to the lending banks while conferring corresponding wrongful gains on the accused persons and related entities.
The case was registered by CBI following complaints lodged by the Bank of Maharashtra and other PSBs that were part of the lending consortium.
The investigating agency said the alleged fraud caused a total loss of ₹4,097 crore to 13 PSBs.
CBI said further investigation remains open to ascertain the role of other directors, corporate entities and public servants who may have been involved in causing wrongful losses to the banks. It added that supplementary charge-sheets are expected to be filed as the investigation progresses.
The agency said it has so far arrested three accused in the case — Amitabh Jhunjhunwala, former vice chairman of Reliance Capital Ltd; Devang Pravin Mody, former CEO of RCFL and Amit Bapna, former chief financial officer (CFO) of Reliance Capital.
According to CBI, Mr Jhunjhunwala and Mr Mody are currently in judicial custody, while Mr Bapna remains in CBI custody.
The agency noted that it has registered seven first information reports (FIRs) relating to companies of the Reliance ADA group, including Reliance Communications Ltd (R-Com), RHFL, RCFL and Reliance Telecom Ltd, based on complaints received from various public sector banks and the Life Insurance Corporation of India (LIC).
CBI had earlier filed its first charge-sheet in the R-Com case on 29 May 2026, naming 16 accused. It said the RCFL charge-sheet is the second charge-sheet filed in the broader investigations involving the Reliance ADA group.
The agency said all the cases remain under investigation and that the probe is being monitored by the Supreme Court of India. It added that it remains committed to carrying out an expeditious and comprehensive investigation into the alleged fraud.
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Someone gained, while the banks made losses and saw their investments vanish. But that someone is not even named in the Chargesheet after investigations of almost a year.
One agency names him, the other agencies keep the name out. All this is leading to weakening the case when it undergoes the judicial process. Amitabh Jhunjhunwala also goes Scot free and so does Amit Bapna, whereas their role has been highlighted in EDs report. Anil Ambani not named in any of the chargesheets yet by CBI. Though ED has attached his properties worth 15000 crore plus. What evidence do agencies need to book Anil Ambani ? Each of his company with different executives traces the same trend. Each company misusing bank loans. The only case where Anil Ambani was named was the Yes Bank case, 8-10 months back. The charge sheet was filed, but there has not been any movement after that and Anil Ambani roams Scot free.