CBI arrested former CEOs of Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL) NEW DELHI: The CBI arrested former CEOs of Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL) on Monday in connection with separate cases pertaining to an alleged fraud of Rs 7,623 crore in multiple public sector banks, officials said.The CBI has arrested former RCFL director and chief executive officer Devang Mody and former executive director and CEO of RHFL Ravindra Sudhalkar, they said.”In RCFL case, the accused have caused a loss of Rs 4,097 crore to 13 Public Sector Banks (PSBs), whereas in RHFL, the loss amount is Rs 3,526 crore to 10 PSBs,” a CBI spokesperson said in a statement.The CBI probe has shown that Mody, who was the CEO of RCFL from April 2017 to December 2018, “was a key decision-maker” responsible for managing the operations of the company, the agency said.”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,” the statement said.Sudhalkar served as the ED and CEO of RHFL from October 1, 2016, to March 31, 2022, it said.”He was a key decision-maker responsible for managing the operations of Reliance Home Finance Limited (RHFL). 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 statement said.The agency alleged that the accused diverted funds borrowed by RCFL and RHFL to Reliance ADA Group companies, including Reliance Capital Limited, Reliance Infrastructure Limited and Reliance Power Limited, thereby causing a combined wrongful loss of Rs 7,623 crore to the lending banks and corresponding wrongful gain to themselves and related entities.The CBI has registered seven FIRs against Reliance Communications Limited (RCom), RHFL, RCFL and Reliance Telecom Limited (RTL), based on complaints received from various PSBs and the Life Insurance Corporation of India (LIC).The agency has arrested five persons in Reliance ADA Group-related cases. It filed its first chargesheet in the RCom case on May 29 against 16 accused — the company, five senior executives of RCom and 10 bank officials. PTIGet the latest India news and live updates. Download the TOI App.End of ArticleFollow Us On Social MediaVideosTMC Civil War Escalates As Rebels Claim Control Of Party, Removes ‘Supremo’ Mamata BanerjeeNEET Re-Test Heartbreak: Students Cry Outside Centres After Missing Entry DeadlineWest Bengal’s First BJP Budget: 1 Lakh Jobs, DA Hike, New Airport, Cut In Minority Affairs FundsUP CM Yogi Vows Action, Dy CM Breaks Down After 15 Students Killed In Lucknow Fire TragedySix Shiv Sena (UBT) MPs Join Shinde Camp, Uddhav Suffers Fresh Political BlowUAE In Talks To Buy BrahMos Missile, Akashteer Air Defence System From India: ReportMahua’s ‘Rs 4 Crore Upfront’ Claim Sparks Defamation Threat; 20 Rebel TMC MPs To Sue Moitra | Watch84% Of Indians May Now Live In Urban Areas; India May Create A Third Settlement CategoryUS Approves $482.2 Million Military Support Deal for India’s Apache Helicopters and M777 HowitzersArmed Nihangs, 2 hostages: How A Gurdwara Standoff Unfolded In Uttarakhand123PhotostoriesWhat would you do? My closest friend keeps joking about my weight in front of everyone; Here’s what these 4 women did about itJanhvi to Shanaya: How the Kapoor clan brought wedding fashion goals to Anshula Kapoor’s pre-wedding festivityCan a child’s favourite drink increase the risk of obesity and high blood pressure? doctor explainsThe hidden history of kajal: Why ancient Indian women never left home without it10 beautiful baby girl names that mean ‘Beauty’ in different languages5 signs of a healthy gut, an NHS doc explainsWhat if the secret to a healthier ageing brain has been sitting in your fruit bowl all along? Study finds7 unforgettable FIFA World Cup matches and the legendary stadiums where they were played10 Plants to grow in July in Australia: Vegetables, herbs and flowers that thrive in winterFrom marriage market to witch market: 10 unique bazaars across the globe worth travelling for123Hot PicksCGBSE NMMSE result 2026Gold rate todayIndia-US trade dealGorakhpur rapeAfrican proverb of the dayBest proverbWeather forecast tomorrowPortuguese proverb of the daySpanish proverb of the dayTop TrendingDelhi MurderUS-Iran WarBadlapur AccidentFIFA World Cup 2026Shiv Sena UBTTamil Nadu Ammonia Gas LeakNEET UG ExamGold rate todayDelhi weatherMumbai rain
NEW DELHI: The CBI arrested former CEOs of Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL) on Monday in connection with separate cases pertaining to an alleged fraud of Rs 7,623 crore in multiple public sector banks, officials said.The CBI has arrested former RCFL director and chief executive officer Devang Mody and former executive director and CEO of RHFL Ravindra Sudhalkar, they said.“In RCFL case, the accused have caused a loss of Rs 4,097 crore to 13 Public Sector Banks (PSBs), whereas in RHFL, the loss amount is Rs 3,526 crore to 10 PSBs,” a CBI spokesperson said in a statement.The CBI probe has shown that Mody, who was the CEO of RCFL from April 2017 to December 2018, “was a key decision-maker” responsible for managing the operations of the company, the agency said.“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,” the statement said.Sudhalkar served as the ED and CEO of RHFL from October 1, 2016, to March 31, 2022, it said.“He was a key decision-maker responsible for managing the operations of Reliance Home Finance Limited (RHFL). 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 statement said.The agency alleged that the accused diverted funds borrowed by RCFL and RHFL to Reliance ADA Group companies, including Reliance Capital Limited, Reliance Infrastructure Limited and Reliance Power Limited, thereby causing a combined wrongful loss of Rs 7,623 crore to the lending banks and corresponding wrongful gain to themselves and related entities.The CBI has registered seven FIRs against Reliance Communications Limited (RCom), RHFL, RCFL and Reliance Telecom Limited (RTL), based on complaints received from various PSBs and the Life Insurance Corporation of India (LIC).The agency has arrested five persons in Reliance ADA Group-related cases. It filed its first chargesheet in the RCom case on May 29 against 16 accused — the company, five senior executives of RCom and 10 bank officials. PTI
