The Central Bureau of Investigation (CBI) has filed the initial charge sheet in the Reliance Commercial Finance Ltd (RCFL) case against seven accused, including two Reliance Group companies. The accused, which consist of Reliance Infrastructure Ltd, Reliance Home Finance Ltd (RHFL), and five former senior executives of RCFL, are charged with offenses like criminal conspiracy and cheating, causing a loss of Rs 4,097 crore to public sector banks.
The investigation by the CBI revealed that funds borrowed by Reliance Commercial Finance Limited were diverted to various Reliance ADA Group companies through intermediary entities. This diversion violated the borrowing terms, resulting in wrongful loss to the lending banks and corresponding gain to the accused persons and related entities.
The case was registered by the CBI based on complaints from Bank of Maharashtra and other public sector banks of the consortium. The total loss incurred by 13 public sector banks amounts to Rs 4,097 crore. The investigation remains ongoing to determine the involvement of other directors, entities, and public servants in causing losses to the Public Sector Banks.
Supplementary charge sheets are expected to be filed in the future to further detail the case. The CBI has arrested three individuals in connection with this case, with two in custody and one in CBI custody. The agency has filed multiple FIRs against various companies within the Reliance ADA Group based on complaints from public sector banks and LIC.
