New Delhi, June 23 -- The Central Bureau of Investigation (CBI) has arrested two former CEOs of two Reliance ADAG companies in connection with ongoing corruption cases, the agency said on Monday. The arrested executives have been identified as 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). The agency said in a statement that in the RCFL case, a loss of Rs.4,097 crore has been caused to 13 public sector banks while in RHFL case, Rs.3,526 crore loss has been caused to 10 public sector banks (PSBs). "Investigation has revealed that Devang Mody, who served as CEO of RCFL from April 2017 to December 2018, was a key decision-maker responsible for managing the operations of the company, and Ravindra Sudhalkar, who served as ED and CEO of RHFL during the period from October 2016 to March 2022, was also an important stakeholder, responsible for managing the operations of RHFL," the CBI statement said. The agency further said its probe revealed that "the accused persons diverted funds borrowed by RCFL and RHFL to Reliance ADA Group companies, including Reliance Capital Ltd.,Reliance Infrastructure Ltd. and Reliance Power Ltd., thereby causing combined wrongful loss 7,623 crores to the lending banks and corresponding wrongful gain to themselves and related entities". HT has reached out to Reliance group for a comment....