Two former CEOs of Reliance ADAG companies arrested by CBI

The arrested executives have been identified as - 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).

The agency said in a statement that in the RCFL case, a loss of ₹4,097 crore has been caused to 13 public sector banks while in RHFL case, ₹3,526 crore loss has been caused to 10 public sector banks (PSBs).

“Investigation has revealed that Devang 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 PSBs,” the CBI statement said.