Mumbai: The CBI has registered a legal case towards M/s Reliance Business Finance Ltd. (M/s RCFL) (an organization of Reliance ADA Group), its promoters, administrators and unknown financial institution officers, primarily based on a grievance of Financial institution of Maharashtra on the allegations of legal conspiracy, dishonest and legal misconduct and thereby inflicting wrongful lack of Rs. 57.47 crores to Financial institution of Maharashtra.
The mortgage account of M/s Reliance Business Finance Ltd. was declared NPA by the financial institution on 25.03.2020 and likewise as Fraud on 04.10.2025 for inflicting wrongful lack of Rs. 57.47 crores to Financial institution of Maharashtra. “M/s RCFL was availing loans to the tune of Rs. 9,280 crores from 31 Banks / FIs / NBFCs / Company Our bodies and so on., together with Financial institution of Maharashtra. A radical investigation might be carried out into the allegations of defrauding all of the banks/FIs and so on. by the accused firm,” mentioned a CBI official.
The CBI obtained search warrants from the courtroom of Particular Choose for CBI, Mumbai and has commenced searches at official premises of the corporate M/s RCFL at Mumbai and residential premises of Devang Pravin Mody, Director of M/s Reliance Business Finance Ltd., at Pune, on 09.12.2025.
A number of incriminating paperwork have been noticed and are being taken into possession throughout searches. Searches are in progress, officers mentioned.
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