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CBI Arrests Former CEOs of RCFL, RHFL in Reliance ADA Group Cases
The agency said the alleged diversion of funds caused losses of Rs 7,623 crore to 23 banks and related entities.
- On Monday, June 22, 2026, the Central Bureau of Investigation arrested Devang Mody, former CEO of Reliance Commercial Finance Limited , and Ravindra Sudhalkar, former CEO of Reliance Home Finance Limited , in connection with an alleged Rs 7,623 crore bank fraud.
- The agency alleges the accused diverted funds borrowed by RCFL and RHFL to Reliance ADA Group companies, including Reliance Capital Limited, Reliance Infrastructure Limited, and Reliance Power Limited, causing combined wrongful loss of Rs 7,623 crore to lending banks.
- In the RCFL case, the accused caused a loss of Rs 4,097 crore to 13 Public Sector Banks , while the RHFL matter resulted in 10 PSBs losing Rs 3,526 crore, according to the agency.
- Regarding Sudhalkar's tenure from October 1, 2016, to March 31, 2022, the agency stated he was "a key decision-maker responsible for managing the operations of RHFL" and approved loans contrary to NHB and RBI guidelines.
- Broader investigations involve seven FIRs registered against RCom, RHFL, RCFL, and Reliance Telecom Limited based on complaints from various Public Sector Banks and the Life Insurance Corporation of India .
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CBI arrests former CEOs of RCFL and RHFL in Reliance ADA group cases - The Tribune
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 its ongoing investigation into the Reliance Anil Dhirubhai Ambani (ADA) Group cases.
·Chandigarh, India
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CBI Arrests Ex Reliance Finance CEOs In Rs 7,623 Crore Bank Fraud Case
"In RCFL case, the accused have caused a loss of Rs 4,097 crore to 13 Public Sector Banks (PSBs), whereas in RHFL, the loss amount is Rs 3,526 crore to 10 PSBs," a CBI spokesperson said in a statement.
·New Delhi, India
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Coverage Details
Total News Sources11
Leaning Left2Leaning Right4Center0Last UpdatedBias Distribution67% Right
Bias Distribution
- 67% of the sources lean Right
67% Right
L 33%
R 67%
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