New Delhi, June 22, 2026
The Central Bureau of Investigation (CBI) has arrested Reliance Commercial Finance Limited’s (RCFL) former Director and Chief Executive Officer Devang Mody, and Reliance Home Finance Limited’s (RHFL) former Executive Director and Chief Executive Officer Ravindra Sudhalkar, in connection with the ongoing investigation into the Anil Ambani-run Reliance ADA Group cases, the investigative agency announced on Monday.
The investigation has revealed that the accused persons diverted funds borrowed by the RCFL and the RHFL to Reliance ADA Group companies, including Reliance Capital Ltd, Reliance Infrastructure Ltd, and Reliance Power Ltd, thereby causing a combined wrongful loss of Rs 7,623 crore to the public sector banks, and corresponding wrongful gain to themselves and related entities, the CBI said in a statement.
In the RCFL case, the accused have caused a loss of Rs 4,097 crore to 13 public sector banks, whereas in the RHFL case, the loss to 10 government-owned banks is to the tune of Rs 3.526 crore.
According to the CBI investigation, Mody, who served as CEO of RCFL from April 2017 to December 2018, was a key decision-maker responsible for managing the operations of the company. He approved loans to intermediary and conduit companies despite being aware that such lending was contrary to RBI guidelines and the sanction conditions governing borrowings from public sector banks.
Investigation has also revealed that Sudhalkar, who served as ED and CEO of the RHFL from October 1, 2016, to March 31, 2022, was a key decision-maker responsible for managing the operations of company.
He approved loans to intermediary and conduit companies despite such lending being contrary to the company’s lending policies, NHB/RBI guidelines and the conditions governing borrowings from public sector banks.
The CBI has registered seven FIRs against Reliance Communications Limited (RCom), the RHFL, the RCFL, and Reliance Telecom Limited (RTL) based on complaints received from various public sector banks and LIC. These cases are under investigation, and the investigation is being monitored by the Supreme Court. The CBI has arrested five persons in the Reliance ADA Group cases.
The CBI filed its first charge sheet in the RCom case on May 29, naming 16 accused, including the company, five senior executives of RCom and 10 bank officials. The CBI has so far arrested five persons in the Reliance ADA Group cases, including Mody and Sudhalkar. Further investigation is continuing in these cases, the statement added.(Agency)
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