Overview
- The CBI arrested Devang Mody, former CEO of Reliance Commercial Finance Ltd (RCFL), and Ravindra Sudhalkar, former CEO of Reliance Home Finance Ltd (RHFL), on Monday as part of its long-running Reliance ADA Group investigation.
- The agency says loans by RCFL and RHFL were diverted to other Reliance ADA companies and estimates a combined alleged wrongful loss of Rs 7,623 crore to public sector banks.
- The CBI attributes Rs 4,097 crore of alleged loss to the RCFL case affecting 13 public sector banks and Rs 3,526 crore to the RHFL case affecting 10 banks, and says the two executives approved lending to intermediary or conduit firms despite regulatory and sanction limits.
- The probe now includes seven FIRs across Reliance entities and the agency filed its first chargesheet in the Reliance Communications case on May 29, 2026, naming 16 accused including company executives and bank officials.
- The investigation is active, under Supreme Court oversight, and the arrests raise questions about lender controls and next legal steps such as custodial hearings, further chargesheets, and possible recovery actions that could affect creditors and group firms.