CBI Files FIR Against Reliance Commercial Finance Ltd in ₹57.47 Crore Bank Fraud Case

The Central Bureau of Investigation (CBI) has registered a criminal case against Reliance Commercial Finance Ltd for allegedly defrauding the Bank of Maharashtra by ₹57.47 crore. Extensive searches are underway.

Mumbai | December 10, 2025: The Central Bureau of Investigation has registered a criminal case against Reliance Commercial Finance Ltd (RCFL), its former directors and unidentified bank officials over an alleged fraud of ₹57.47 crore linked to a credit facility granted by a major public sector bank. The bank reported that the borrower defaulted, the account slipped into non-performing asset status in March 2020, and a forensic review later flagged serious irregularities that prompted the lender to classify the account as fraud in October 2025.

Investigators say that RCFL had availed large borrowings from multiple lenders across India, and the agency is now examining whether the alleged irregularities occurred only with one bank or were part of a larger pattern. The complaint states that funds were diverted and used for purposes not permitted under the loan agreement. The agency is also probing whether financial statements were misrepresented to secure credit and whether decision-making by any involved bank officials contributed to the loss.

Acting on the complaint, the CBI carried out coordinated searches at the company’s offices in Mumbai and at the residence of one of its directors in Pune. Officials seized several digital files, internal financial documents and communication records that may help establish the flow of funds and the role of each individual named in the case. The agency is expected to summon company representatives and former executives for questioning in the coming days.

The case has added to the growing list of high-value fraud investigations involving corporate borrowers and public sector banks. RCFL, part of a larger financial services group, had built significant exposure in the lending market over the past decade. Financial experts say that the tightening of regulatory norms and increased scrutiny of non-banking finance companies has been long overdue, especially after repeated instances of defaults, fund diversion and misreporting across the sector.

The fresh FIR has renewed concerns about the health of the credit system and the effectiveness of due diligence processes adopted by banks. Large corporate borrowers often take loans from multiple institutions simultaneously, making it crucial for lenders to share information, monitor end-use of funds and identify potential misuse early. Experts believe that stricter compliance frameworks, transparent disclosures and real-time monitoring could reduce the risk of such incidents.

The case also highlights the broader efforts to clean up the financial sector, where enforcement agencies are now more aggressively pursuing cases involving fraud, diversion of public funds and wilful default. Banks have been advised to immediately flag suspicious activity and avoid delays in filing complaints, as timely reporting allows investigators to trace fund flows more effectively.

The ongoing probe is expected to take several months, as investigators will examine audited statements, board approvals, fund-transfer records and loan utilisation reports. The findings could lead to prosecution, recovery proceedings and further regulatory action depending on the evidence gathered.

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