Mumbai, Dec 9 (IANS) The Central Bureau of Investigation (CBI) on Tuesday stated it has filed a felony case towards Reliance Industrial Finance Ltd (RCFL) and its promoters and administrators over allegedly inflicting wrongful lack of Rs 57.47 crore to Financial institution of Maharashtra.
The case has been registered towards RCFL — an organization of Reliance ADA Group, its promoters/administrators and unknown financial institution officers, on the allegations of felony conspiracy, dishonest and felony misconduct and thereby, the CBI stated in a press release.
In line with the assertion, the mortgage account of Reliance Industrial Finance Ltd was declared an NPA by the financial institution on March 25, 2020 and likewise as fraud on October 4, 2025, for inflicting wrongful lack of Rs 57.47 crore to Financial institution of Maharashtra.
“RCFL was availing loans to the tune of Rs 9,280 crore from 31 banks/ FIs/NBFCs/Company Our bodies, and many others., together with Financial institution of Maharashtra. A radical investigation can be carried out into the allegations of defrauding all of the banks/FIs, and many others. by the accused firm,” stated the CBI.
The probe company obtained search warrants from the court docket of a Particular CBI choose, Mumbai and commenced searches on the official premises of RCFL at Mumbai and the residential premises of Devang Pravin Mody, Director of the corporate, at Pune, on December 9.
“A number of incriminating paperwork have been noticed and are being taken into possession throughout searches. Searches are in progress,” the CBI stated.
In the meantime, the Enforcement Directorate (ED) has filed a supplementary cost sheet towards Reliance Energy Ltd and 10 others, within the case of faux financial institution ensures of Rs 68 crore submitted by Reliance Energy Restricted to the Photo voltaic Vitality Company of India (SECI) for the aim of securing a young issued by it. ED hooked up the proceeds of crime price Rs 5.15 crore as properly.
Reliance Energy Ltd stated in a press release that “ED allegations haven’t but handed by means of judicial scrutiny and the Firm has not been held responsible of any wrongdoing”.
“As per legislation settled by the Supreme Court docket, the corporate will get a possibility to place throughout its case and info earlier than the court docket, even earlier than cognisance, so submitting of this grievance doesn’t have an effect on the affairs of the corporate in any method,” stated the corporate in an change submitting.
–IANS
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