Investigation reveals loan diversion through shell companies by Reliance Commercial Finance

According to the CBI, RCFL obtained large loans from a consortium of thirteen government-owned banks and then routed the money through multiple intermediaries and shell companies, bypassing contractual conditions. This maneuver resulted in substantial financial damage to the lending banks while providing undue benefits to the accused firms and their associates. The probe originated from complaints filed by Bank of Maharashtra and other public sector banks, which together reported losses amounting to ₹4,097 crore.