economy

CBI arrests former top executives of Reliance finance firms in ₹7,623 crore bank fraud case

Published on: 23 Jun 2026, 01:57 AM

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 an alleged bank fraud. The agency said the fraud resulted in a cumulative loss of ₹7,623 crore to 23 public sector banks.

According to the CBI, RCFL's actions allegedly caused a loss of ₹4,097 crore to 13 public sector banks, while RHFL caused a loss of ₹3,526 crore to 10 public sector banks. The arrests are part of an ongoing probe into cases related to the Reliance ADA Group.

A senior CBI official stated that Mody approved loans to intermediary and conduit companies despite knowing that such lending violated Reserve Bank of India (RBI) guidelines and conditions attached to borrowings from public sector banks. Similarly, Sudhalkar sanctioned loans to intermediary and conduit firms in violation of the company's lending policies, National Housing Bank (NHB) and RBI guidelines, and conditions governing borrowings from public sector banks.

The CBI further alleged that funds borrowed by RCFL and RHFL were diverted to Reliance ADA Group companies, including Reliance Capital Ltd, Reliance Infrastructure Ltd, and Reliance Power Ltd, resulting in wrongful losses to the lending banks. The agency has registered seven First Information Reports (FIRs) against Reliance Communications Ltd, RHFL, RCFL, and Reliance Telecom Ltd.

The cases are currently under investigation and are being monitored by the Supreme Court of India.

Source: Times of India

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