The Central Bureau of Investigation (CBI) has arrested Devang Mody, former Director and CEO of Reliance Commercial Finance Limited (RCFL), and Ravindra Sudhalkar, former Executive Director and CEO of Reliance Home Finance Limited (RHFL), in connection with a probe into the Reliance ADA Group cases. The investigation revealed that the accused diverted funds from RCFL and RHFL to Reliance ADA Group companies, causing a loss of Rs 7,623 crore to public sector banks.
In the RCFL case, the accused led to a loss of Rs 4,097 crore to 13 public sector banks, while in the RHFL case, the loss amounted to Rs 3.526 crore for 10 government-owned banks. Devang Mody, who was CEO of RCFL from April 2017 to December 2018, approved loans despite knowing they violated RBI guidelines. Similarly, Ravindra Sudhalkar, who served as ED and CEO of RHFL from October 2016 to March 2022, approved loans against company policies and regulatory guidelines.
The CBI has registered multiple FIRs against companies like Reliance Communications Limited (RCom), RHFL, RCFL, and Reliance Telecom Limited (RTL) based on complaints from public sector banks and LIC. These cases are under investigation and are being overseen by the Supreme Court. The CBI has arrested a total of five individuals in connection with the Reliance ADA Group cases, including Mody and Sudhalkar.
