Business
22 Jun, 2026
CBI arrests former CEOs of RCFL, RHFL in Rs 7,623-Cr bank fraud
Business To Business, New Delhi, 22nd June, 2026: The Central Bureau of Investigation (CBI) on Monday arrested two former executives of Reliance Group financial services companies in connection with separate cases involving alleged frauds totaling ₹7,623 crore that reportedly caused losses to multiple public sector banks.
The arrested individuals are:
- Devang Mody
- Ravindra Sudhalkar
According to the CBI, the investigations relate to alleged irregularities involving loans and financial transactions that resulted in substantial losses to public sector banks.
The agency stated that:
- In the case involving Reliance Commercial Finance Limited (RCFL), the alleged loss to 13 public sector banks amounted to ₹4,097 crore.
- In the case involving Reliance Home Finance Limited (RHFL), the alleged loss to 10 public sector banks was ₹3,526 crore.
A CBI spokesperson said in a statement that the accused are alleged to have played roles in transactions that caused significant financial losses to the lending institutions.
The arrests mark a major development in the ongoing investigations into alleged banking frauds linked to the two companies. The CBI is expected to continue examining financial records, lending decisions, and the flow of funds as part of its probe.
The agency has not yet publicly disclosed all details of the allegations, and the matter remains under investigation. As with all criminal cases, the accused are presumed innocent unless proven guilty in a court of law.