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What is the story about?
The Central Bureau of Investigation (CBI) has registered FIRs against Reliance Home Finance Ltd
(RHFL) and Reliance Commercial Finance Ltd (RCFL), along with connected individuals, including former directors, promoters and unknown public servants, in separate bank fraud cases involving alleged losses of over ₹285 crore.
In the RHFL case, the FIR has been filed on the basis of a complaint by Union Bank of India, which has accused the company and other accused persons of causing wrongful losses amounting to ₹228.06 crore through alleged cheating, criminal misconduct and criminal conspiracy. According to the complaint, RHFL had availed a credit facility of ₹450 crore from the then Andhra Bank (Union Bank of India). The account was later declared a non-performing asset in September 2019 after the company failed to service its instalments.
Union Bank has stated in its complaint to CBI that a forensic audit conducted by Grant Thornton revealed a systematic diversion of loan funds and misappropriation of money. The complaint accuses the erstwhile promoters and directors of RHFL of fraudulently siphoning off funds through manipulation of accounts, criminal breach of trust and misuse of public money.
In a separate case, the CBI has also registered a criminal case against Reliance Commercial Finance Ltd (RCFL), its promoters and directors, and unknown bank officials, based on a complaint filed by the Bank of Maharashtra. The agency has alleged that the accused conspired to cheat the bank and caused it a wrongful loss of ₹57.47 crore.
According to the CBI, RCFL’s loan account was declared a non-performing asset on March 25, 2020, and was subsequently classified as a fraud account on October 4, 2025. The agency said the company had availed loans totalling approximately ₹9,280 crore from 31 banks, financial institutions, NBFCs and corporate bodies, including the Bank of Maharashtra. A comprehensive investigation is underway into the alleged defrauding of all lending institutions by the company.
The CBI claimed that, as part of the probe, the CBI obtained search warrants from the Special CBI Court in Mumbai and conducted searches on December 9, 2025, at premises linked with RHFL and connected accused individuals and at RCFL’s official premises in Mumbai and the residential premises of one of its directors in Pune. During the searches, several incriminating documents were seized. Further searches are ongoing.
In the RHFL case, the FIR has been filed on the basis of a complaint by Union Bank of India, which has accused the company and other accused persons of causing wrongful losses amounting to ₹228.06 crore through alleged cheating, criminal misconduct and criminal conspiracy. According to the complaint, RHFL had availed a credit facility of ₹450 crore from the then Andhra Bank (Union Bank of India). The account was later declared a non-performing asset in September 2019 after the company failed to service its instalments.
Union Bank has stated in its complaint to CBI that a forensic audit conducted by Grant Thornton revealed a systematic diversion of loan funds and misappropriation of money. The complaint accuses the erstwhile promoters and directors of RHFL of fraudulently siphoning off funds through manipulation of accounts, criminal breach of trust and misuse of public money.
In a separate case, the CBI has also registered a criminal case against Reliance Commercial Finance Ltd (RCFL), its promoters and directors, and unknown bank officials, based on a complaint filed by the Bank of Maharashtra. The agency has alleged that the accused conspired to cheat the bank and caused it a wrongful loss of ₹57.47 crore.
According to the CBI, RCFL’s loan account was declared a non-performing asset on March 25, 2020, and was subsequently classified as a fraud account on October 4, 2025. The agency said the company had availed loans totalling approximately ₹9,280 crore from 31 banks, financial institutions, NBFCs and corporate bodies, including the Bank of Maharashtra. A comprehensive investigation is underway into the alleged defrauding of all lending institutions by the company.
The CBI claimed that, as part of the probe, the CBI obtained search warrants from the Special CBI Court in Mumbai and conducted searches on December 9, 2025, at premises linked with RHFL and connected accused individuals and at RCFL’s official premises in Mumbai and the residential premises of one of its directors in Pune. During the searches, several incriminating documents were seized. Further searches are ongoing.
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