CBI Files First Chargesheet in RCFL Case Over Alleged Rs 4,097 Crore Bank Fraud

KEY TAKEAWAYS:

CBI has filed its first chargesheet in the RCFL bank fraud investigation.
Five former senior executives of RCFL have been named as accused.
The agency alleges a loss of Rs 4,097 crore to a consortium of 13 public sector banks.

MUMBAI: The CBI chargesheet RCFL case has marked a significant step in the agency’s investigation into an alleged banking fraud involving Reliance Commercial Finance Limited (RCFL). On Tuesday, the Central Bureau of Investigation filed its first chargesheet before a special court in Mumbai, accusing five former senior executives of the company of conspiring to divert loan funds and causing losses of Rs 4,097 crore to a consortium of 13 public sector banks.

The chargesheet also names Reliance Infrastructure Ltd and Reliance Home Finance Limited (RHFL) as accused entities in connection with the alleged financial irregularities.

CBI Chargesheet RCFL Case Names Five Former Executives

According to the CBI, the following former RCFL officials have been chargesheeted:

Devang Pravin Mody, Former Director and CEO
Ravindra Somayajula Rao, Former Director
Dhananjay Bhagwanprasad Tiwari, Former Director
Rajesh Krishnamoorthy, Former Executive Risk Officer
Lav Chaturvedi, Former Chief Risk Officer

The agency has invoked charges related to criminal conspiracy and cheating, alleging that the accused acted with the intent to cause substantial financial losses to public sector banks.

Alleged Fund Diversion at Centre of Investigation

Investigators allege that funds borrowed from a consortium of 13 public sector banks were diverted, resulting in losses estimated at Rs 4,097 crore. The chargesheet forms the first formal prosecution in what is expected to be a broader investigation into the financial transactions of RCFL.

The filing before the special court in Mumbai initiates the next phase of legal proceedings, where the court will examine the evidence presented by the CBI before deciding on further action.

Investigation May See Further Developments

The CBI’s first chargesheet suggests that the investigation remains active and additional findings could emerge as the agency continues examining the alleged financial transactions.

The case is significant because it involves one of the country’s major lending fraud investigations, with multiple public sector banks claiming substantial losses. The court will now determine the next course of action based on the chargesheet and supporting evidence submitted by the investigating agency.

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