CBI arrests ex-CEOs of 2 Reliance ADA Group firms in loan fraud cases

The Central Bureau of Investigation (CBI) has arrested two former top executives of Reliance ADA Group companies as part of its ongoing probe into alleged large-scale bank loan fraud cases involving Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL). The arrested officials are Devang Mody, former Director and Chief Executive Officer of RCFL, and Ravindra Sudhalkar, former Executive Director and Chief Executive Officer of RHFL. According to the CBI, the RCFL case involves an alleged loss of ₹4,097 crore to 13 Public Sector Banks (PSBs), while the RHFL case pertains to an alleged loss of Rs3,526 crore to 10 PSBs.
Role of RCFL Former CEO
Investigators found that Devang Mody, who served as CEO of RCFL from April 2017 to December 2018, was a key decision-maker responsible for the company's operations. The CBI alleged that he approved loans to intermediary and conduit companies despite being aware that such lending violated Reserve Bank of India (RBI) guidelines and conditions attached to borrowings obtained from Public Sector Banks.
Role of RHFL Former CEO
The investigation further revealed that Ravindra Sudhalkar served as Executive Director and CEO of RHFL from October 1, 2016, to March 31, 2022. As a key decision-maker, he allegedly approved loans to intermediary and conduit entities in violation of the company's lending policies, National Housing Bank (NHB) and RBI guidelines, as well as conditions governing borrowings from Public Sector Banks.
Alleged Diversion of Funds
The CBI alleged that funds borrowed by RCFL and RHFL were diverted to various Reliance ADA Group companies, including Reliance Capital Ltd., Reliance Infrastructure Ltd., and Reliance Power Ltd. According to investigators, the alleged diversion caused a combined wrongful loss of Rs7,623 crore to lending banks while resulting in corresponding wrongful gains to related entities.
Seven FIRs Registered
The agency has so far registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Reliance Telecom Limited (RTL) based on complaints received from various Public Sector Banks and the Life Insurance Corporation of India (LIC). As per CBI statement, these cases are currently under investigation and are being monitored by the Supreme Court. The CBI had earlier filed its first chargesheet in the Reliance Communications (RCom) case on May 29, 2026, against 16 accused persons, including the company, five senior RCom executives, and ten bank officials.
With the arrest of Devang Mody and Ravindra Sudhalkar, the total number of arrests made by the CBI in the Reliance ADA Group cases has gone to five, officials said.

(Freelance Journalist)