CBI
NEW DELHI: CBI filed its first chargesheet Tuesday in the Rs 4,097-crore Reliance Commercial Finance Ltd (RCFL) bank fraud case before a special CBI court in Mumbai against seven accused, including Reliance Infrastructure Ltd, Reliance Home Finance Ltd (RHFL) and five former senior RCFL executives.Devang Pravin Mody, former director and CEO of RCFL; Ravindra Somayajula Rao, former director; Dhananjay Bhagwanprasad Tiwari, former director; Rajesh Krishnamoorthy, former executive risk officer; and Lav Chaturvedi, former chief risk officer have been chargesheeted for offences of criminal conspiracy and cheating with the intention of causing huge losses to public sector banks.CBI claims that its investigation established that funds borrowed by Reliance Commercial Finance Ltd were allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies in violation of the terms and conditions governing the borrowings. The diversion of funds allegedly resulted in a wrongful loss of Rs 4,097 crore to a consortium of 13 public sector banks, while conferring corresponding wrongful gains on the accused persons and related entities.The case was registered on the basis of complaints lodged by Bank of Maharashtra and other public sector banks that were part of the lending consortium.CBI said further investigation is underway to ascertain the role of other directors, entities and public servants who may have been involved in causing losses to the banks. It added that supplementary chargesheets are expected to be filed as the investigation progresses.
