New Delhi, 9 December (H.S.): The Central Bureau of Investigation (CBI) has registered a criminal case against Reliance Commercial Finance Limited (RCFL), its promoters and directors, along with unidentified bank officials, over an alleged bank fraud amounting to ₹57.47 crore. The case was lodged following a complaint by the Bank of Maharashtra.

According to the complaint, RCFL, in alleged collusion with its promoters and other entities, engaged in criminal conspiracy, deception, and fraudulent acts that caused financial losses to the lender. The Bank of Maharashtra had declared RCFL’s loan account as non-performing (NPA) on March 25, 2020, and later categorized it as “fraud” on October 4, 2025.

The complaint also reveals that the company had borrowed a total of about ₹9,280 crore from a consortium of 31 banks, financial institutions, non-banking financial companies (NBFCs), and corporate entities, including the Bank of Maharashtra.

Acting on the complaint, CBI officials obtained search warrants from a special court in Mumbai and initiated raids on December 9, 2025, at RCFL’s office premises as well as at the Pune residence of the company’s director, Devang Pravin Modi.

During the searches, several incriminating documents and records were recovered and seized for further investigation. The search operations remain ongoing, officials said.

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Hindusthan Samachar / Jun Sarkar