The Central Bureau of Investigation (CBI) has filed its first chargesheet in the alleged Rs 4,097 crore Reliance Commercial Finance Ltd (RCFL) bank fraud case before a special CBI court in Mumbai.

The chargesheet names seven accused, including Reliance Infrastructure Ltd, Reliance Home Finance Ltd (RHFL), and five former senior executives of RCFL.

Those named include former director and CEO Devang Pravin Mody, former directors Ravindra Somayajula Rao and Dhananjay Bhagwanprasad Tiwari, former executive risk officer Rajesh Krishnamoorthy, and former chief risk officer Lav Chaturvedi.

They have been charged with offences including criminal conspiracy and cheating for allegedly causing significant financial losses to public sector banks.

According to the CBI, its investigation found that funds borrowed by RCFL were allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies in violation of the lending terms and conditions.

The agency alleges that this diversion resulted in a wrongful loss of Rs 4,097 crore to a consortium of 13 public sector banks while providing corresponding wrongful gains to the accused persons and related entities.The case was registered following complaints filed by Bank of Maharashtra and other banks that were part of the lending consortium.

The CBI stated that the investigation is continuing to determine the involvement of other directors, entities and public servants who may have played a role in the alleged fraud.

The agency has also indicated that supplementary chargesheets are likely to be filed as additional evidence is gathered during the ongoing investigation.