New Delhi: In a major jolt to the Anil Ambani-led Reliance ADA Group, the Central Bureau of Investigation (CBI) has registered a criminal case against two of its flagship companies – Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL) – for allegedly cheating a consortium of 26 banks to the tune of ₹285 crore.
The FIR, filed under sections of cheating, criminal conspiracy, and corruption on Tuesday, names the companies along with “unknown public servants and private persons.”
Sources said the fraud pertains to diversion of funds, evergreening of loans, and misrepresentation of financial health between 2017 and 2019, when both entities were under severe liquidity stress.
Acting swiftly, CBI teams fanned out across Mumbai, Navi Mumbai, and Thane, conducting simultaneous searches at 11 locations linked to the companies and former officials. Documents, digital records, and financial statements are being seized as evidence.
The case stems from a complaint lodged by the State Bank of India on behalf of the consortium, which had extended substantial credit facilities to RCFL and RHFL. Investigators allege that borrowed funds were siphoned off to related entities instead of being utilised for declared business purposes, causing massive losses to public-sector banks.
Once marquee names in India’s NBFC space, both RCFL and RHFL have been under resolution plans after defaulting on repayments. The companies were later delisted following debt restructuring under the RBI framework.
The development marks yet another chapter in the financial woes of the Reliance ADA Group, already grappling with multiple insolvency proceedings and regulatory scrutiny. With the CBI now in the picture, the spotlight intensifies on corporate governance practices in one of India’s most storied business houses. More arrests and revelations are expected as the probe gathers steam.