New Delhi, June 22 -- The Central Bureau of Investigation on Monday 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), in connection with the ongoing probe into Reliance ADA Group cases involving alleged diversion of bank loans.

According to the CBI, the two former executives are accused of causing a combined wrongful loss of Rs 7,623 crore to public sector banks. In the RCFL case, the agency said the accused caused a loss of Rs. 4097 crores to 13 Public Sector Banks (PSBs). In the RHFL case, the loss amount is Rs. 3526 crores to 10 PSBs.

Investigation has revealed that Devang Mody, who served as C...