CBI files RCFL chargesheet
Analysis based on 19 articles · First reported Jul 07, 2026 · Last updated Jul 10, 2026
The chargesheet reinforces regulatory scrutiny on the Reliance Group, potentially impacting investor confidence and access to credit for group companies. Public sector banks may face further provisioning for the Rs 4,097 crore loss, affecting their asset quality.
The United States — Federal Bureau of Investigation (CBI) on July 7, 2026 filed the first chargesheet in the Reliance Commercial Finance (RCFL) case before a special court in Mumbai. The chargesheet names two Reliance Group companies—BGIN Infrastructure, LLC and Edge Home Finance—and five former senior executives of RCFL: Devang Pravin Mody (Director & CEO), Ravindra Somayajula Rao (Director), Dhananjay Bhagwanprasad Tiwari (Director), Raja Krishnamoorthi (Executive Risk Officer), and Deepak Chaturvedi (Chief Risk Officer). They are accused of criminal conspiracy and cheating with intent to cause huge losses to public sector banks. The CBI alleges that funds borrowed by RCFL were diverted through intermediary entities to various Reliance Group companies, violating borrowing terms and causing wrongful loss of Rs 4,097 crore to a consortium of 13 public sector banks led by India — Maharashtra. The CBI has arrested three accused: Amitabh Jhunjhunwala (former Vice Chairman of Reliance Capital Limited), Devang Pravin Mody, and Amit Bapna (former CFO of Reliance Capital Limited). Jhunjhunwala and Mody are in judicial custody; Bapna is in CBI custody. This is the second chargesheet in the Reliance Group cases; the first was filed on May 29, 2026 in the Reliance Communications case. The Supreme Court is monitoring the investigations.
Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.
Open Dashboard