CBI arrests ex-CEOs of RCFL, RHFL in ₹7,623 crore Anil Ambani bank scam
Synopsis
The CBI has arrested the former CEOs of two Anil Ambani-linked finance firms — RCFL and RHFL — over an alleged ₹7,623 crore diversion of public sector bank funds to group entities including Reliance Capital, Reliance Infrastructure, and Reliance Power. With five arrests made, seven FIRs registered, and the Supreme Court monitoring the probe, this is the most significant criminal escalation yet in the Reliance ADA Group fraud cases.
Key Takeaways
CBI arrested Devang Mody (ex-CEO, RCFL) and Ravindra Sudhalkar (ex-ED & CEO, RHFL) on Monday, 22 June .
The alleged fraud caused a combined loss of ₹7,623 crore to public sector banks — ₹4,097 crore in the RCFL case and ₹3,526 crore in the RHFL case.
Funds were allegedly diverted to Reliance Capital , Reliance Infrastructure , and Reliance Power via intermediary companies.
The CBI has registered seven FIRs and filed its first charge sheet in the RCom case on 29 May , naming 16 accused .
The investigation is being monitored by the Supreme Court ; total arrests in the Reliance ADA Group cases now stand at five .
The Central Bureau of Investigation (CBI) on Monday arrested two former top executives of Anil Ambani's Reliance ADA Group — Devang Mody, ex-Director and CEO of Reliance Commercial Finance Limited (RCFL), and Ravindra Sudhalkar, former Executive Director and CEO of Reliance Home Finance Limited (RHFL) — in connection with an alleged bank fraud amounting to ₹7,623 crore. The arrests mark a significant escalation in an investigation being monitored directly by the Supreme Court.
How the Fraud Allegedly Worked
According to the CBI, the accused diverted funds borrowed by RCFL and RHFL from public sector banks to other Reliance ADA Group entities, including Reliance Capital Ltd, Reliance Infrastructure Ltd, and Reliance Power Ltd. The agency stated this caused a combined wrongful loss of ₹7,623 crore to government-owned banks and a corresponding wrongful gain to the accused and related entities.
In the RCFL case, the alleged loss to 13 public sector banks stands at ₹4,097 crore. In the RHFL case, the alleged loss to 10 government-owned banks is ₹3,526 crore, according to the CBI statement.
What the CBI Found Against Each Accused
Devang Mody served as CEO of RCFL from April 2017 to December 2018. Investigators allege he was a key decision-maker who approved loans to intermediary and conduit companies, reportedly knowing such lending violated Reserve Bank of India (RBI) guidelines and the conditions attached to public sector bank borrowings.
Ravindra Sudhalkar served as ED and CEO of RHFL from 1 October 2016 to 31 March 2022. The CBI alleges he similarly approved loans to conduit entities in contravention of the company's own lending policies, as well as guidelines set by the National Housing Bank (NHB) and the RBI.
Scale of the Investigation
The CBI has registered seven FIRs in the broader Reliance ADA Group cases, based on complaints from multiple public sector banks and Life Insurance Corporation of India (LIC). The firms named across these FIRs include Reliance Communications Limited (RCom), RHFL, RCFL, and Reliance Telecom Limited (RTL).
The agency filed its first charge sheet in the RCom case on 29 May, naming 16 accused — including the company itself, five senior RCom executives, and 10 bank officials. With the arrests of Mody and Sudhalkar, the total number of persons arrested in the Reliance ADA Group cases has reached five. The CBI confirmed that further investigation is ongoing.
Supreme Court Oversight and What Comes Next
The investigation's placement under Supreme Court monitoring underscores the institutional gravity of the case. This is not the first time the Reliance ADA Group has faced regulatory or legal scrutiny — the group's companies have been subject to debt restructuring proceedings, insolvency petitions, and regulatory action over several years. The latest arrests signal that criminal accountability is now being actively pursued alongside civil recovery efforts.
Both Mody and Sudhalkar are expected to be produced before a court for remand. The CBI has indicated that further arrests cannot be ruled out as the probe widens.
Point of View
But the larger question is whether criminal proceedings will reach the group's ultimate decision-making layer. The CBI's charge sheet in the RCom case already names 10 bank officials alongside corporate executives — a rare move that signals the agency is probing complicity on both sides of the lending desk. With Supreme Court monitoring in place, the probe has institutional cover to go further. Yet the history of large Indian corporate fraud cases suggests that arrests of operational executives do not automatically translate into convictions at the top. The real test of this investigation's reach is still ahead.
NationPress
22 Jun 2026
Frequently Asked Questions
Who has the CBI arrested in the Anil Ambani Group bank fraud case?
The CBI arrested 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) , on Monday in connection with the ₹7,623 crore bank fraud probe into the Reliance ADA Group.
What is the total alleged loss in the RCFL and RHFL bank fraud cases?
The combined alleged wrongful loss to public sector banks is ₹7,623 crore — ₹4,097 crore across 13 banks in the RCFL case, and ₹3,526 crore across 10 banks in the RHFL case, according to the CBI.
How were the funds allegedly diverted?
According to the CBI, funds borrowed by RCFL and RHFL from public sector banks were allegedly routed to other Reliance ADA Group entities — including Reliance Capital , Reliance Infrastructure , and Reliance Power — through intermediary and conduit companies, in violation of RBI guidelines and bank sanction conditions.
Is the Supreme Court involved in this investigation?
Yes. The CBI's investigation into the Reliance ADA Group cases is being monitored by the Supreme Court , which adds a layer of judicial oversight to the probe. The agency has registered seven FIRs in the broader set of cases.
What is the status of the CBI's charge sheet in these cases?
The CBI filed its first charge sheet in the RCom case on 29 May , naming 16 accused including the company, five senior RCom executives, and 10 bank officials. Further investigation across the remaining FIRs is ongoing.
