Mumbai: The Central Bureau of Investigation (CBI) has arrested Devang Mody, former Director and Chief Executive Officer of Reliance Commercial Finance Limited (RCFL), and Ravindra Sudhalkar, former Executive Director and Chief Executive Officer of Reliance Home Finance Limited (RHFL), in connection with the ongoing investigation into the Reliance ADA Group cases. In RCFL case, the accused have caused a loss of Rs. 4097 crores to the 13 Public Sector Banks (PSBs) whereas in RHFL the loss amount is Rs. 3526 crores to the 10 PSBs, the agency officials informed on Monday.
Massive Losses to Public Sector Banks
According to the CBI, investigation has revealed that Devang Mody, who served as CEO of RCFL from April 2017 to December 2018, was a key decision-maker responsible for managing the operations of the company. He approved loans to intermediary and conduit companies despite being aware that such lending was contrary to RBI guidelines and the sanction conditions governing borrowings from public sector banks.
Investigation has also revealed that Ravindra Sudhalkar, served as ED and CEO of RHFL during the period October 01, 2016 to March 31, 2022. He was a key decision-maker responsible for managing the operations of Reliance Home Finance Limited (RHFL). He approved loans to intermediary and conduit companies despite such lending being contrary to the company's lending policies, NHB/RBI guidelines and the conditions governing borrowings from Public Sector Banks, CBI said in a statement.
Sudhalkar's Role in RHFL
The CBI's probe further revealed that the accused persons allegedly diverted funds borrowed by RCFL and RHFL to Reliance ADA Group companies, including Reliance Capital Ltd., Reliance Infrastructure Ltd. and Reliance Power Ltd., thereby causing combined wrongful loss Rs 7623 crores to the lending banks and corresponding wrongful gain to themselves and related entities.
CBI has registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) based on complaints received from various Public Sector Banks and LIC. These cases are under investigation, and the investigation is being monitored by the Supreme Court. The CBI has arrested five persons in Reliance ADA Group cases, including Mody and Sudhalkar.
The agency had filed its first chargesheet in the RCom case on May 29, 2026 against 16 accused persons, including the company, five senior executives of RCom and ten bank officials.
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