CBI arrests former CEOs of RCFL, RHFL in Reliance ADA Group cases
The CBI has arrested two former CEOs of Reliance ADA Group subsidiaries, Devang Mody and Ravindra Sudhalkar, for their alleged roles in a multi-billion rupee bank fraud. The agency claims the executives diverted funds to other group companies, causing a combined loss of over ₹7,600 crore to public sector banks.
Why it matters
This case highlights ongoing regulatory crackdowns on corporate financial malfeasance and the accountability of high-level executives in India's banking sector.
The Central Bureau of Investigation (CBI) has arrested Devang Mody, former Director and Chief Executive Officer (CEO) of Reliance Commercial Finance Limited (RCFL), and Ravindra Sudhalkar, former executive director and CEO of Reliance Home Finance Limited (RHFL), in connection with alleged bank fraud cases, said the agency on Monday (June 22, 2026).
The report relies on official agency statements and presents the facts of the arrests without editorializing.
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