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The Central Bureau of Investigation (CBI) has arrested Devan Modi, former director and CEO of Reliance Business Finance Restricted (RCFL), and Ravindra Sudarkar, former managing director and CEO of Reliance Dwelling Finance Restricted (RHFL), in reference to financial institution fraud costs, the company introduced on Monday (June 22, 2026).
In response to the company, within the RCFL case, the accused triggered losses of Rs 4,097 crore to 13 public sector banks (PSBs) and within the RHFL matter, 10 PSBs triggered losses of round Rs 3,526 crore.
Mr. Modi served as CEO of RCFL from April 2017 to December 2018, and Mr. Sudharkar served as ED and CEO of RHFL from October 1, 2016 to March 31, 2022. The company alleged that it permitted loans to intermediaries and conduits although they violated the corporate’s lending insurance policies, borrowing phrases, and regulatory pointers.
“The defendants diverted funds borrowed by RCFL and RHFL to the Reliance ADA group of corporations, together with Reliance Capital Ltd., Reliance Infrastructure Ltd. and Reliance Energy Ltd., thereby inflicting a mixed unjust lack of Rs 7,623 crore to the lending banks and corresponding unjust earnings to themselves and related entities,” the CBI stated, including that it has to date arrested 5 individuals in numerous circumstances of the Reliance ADA group.
