Image used for representational purposes only.
| Photo Credit: PTI
The Central Bureau of Investigation (CBI) has arrested Devang Mody, former Director and Chief Executive Officer (CEO) of Reliance Commercial Finance Limited (RCFL), and Ravindra Sudhalkar, former executive director and CEO of Reliance Home Finance Limited (RHFL), in connection with alleged bank fraud cases, said the agency on Monday (June 22, 2026).
In the RCFL case, the accused caused a loss of ₹4,097 crore to 13 public sector banks (PSBs) and 10 PSBs lost about ₹3,526 crore in the RHFL matter, according to the agency.
Mr. Mody was CEO of RCFL from April 2017 to December 2018, and Mr. Sudhalkar served as the ED and CEO of RHFL from October 1, 2016, to March, 31, 2022. The agency alleged that they approved loans to intermediary and conduit companies despite such lending being contrary to the company’s lending policies, borrowing conditions, and regulatory guidelines.
“The accused persons 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 a combined wrongful loss of ₹7,623 crore to the lending banks and corresponding wrongful gain to themselves and related entities,” said the CBI, adding that it had so far arrested five persons in various Reliance ADA Group cases.
Published – June 22, 2026 10:02 pm IST
