The Central Bureau of Investigation (CBI) has filed a chargesheet against seven individuals in connection with a massive bank fraud case involving Reliance Commercial Finance Ltd. The agency alleges that the group siphoned off loans amounting to ₹4,097 crore from a consortium of 13 banks, led by Bank of Maharashtra.
This development represents a critical juncture in the long-running probe into the Reliance ADA Group.
The case stems from complaints lodged by the bank consortium, which reported significant losses due to the diversion of funds.
The chargesheet formalizes the allegations of financial misconduct, moving the case from investigation to the judicial phase.
The scale of the alleged loss underscores the severity of the fraud and the potential legal and financial repercussions for those involved.
The case stems from complaints lodged by the bank consortium, which reported significant losses due to the diversion of funds.
The CBI's action follows a period of intense scrutiny on the Reliance ADA Group, which has faced multiple regulatory and legal challenges in recent years.