New Delhi, June 22 -- : The Central Bureau of Investigation (CBI) on Monday said that they have arrested Devang Mody, former Director and Chief Executive Officer of Reliance Commercial Finance Limited (RCFL), and Ravindra Sudhalkar, former Executive Director and Chief Executive Officer of Reliance Home Finance Limited (RHFL), in connection with the ongoing investigation into the Reliance ADA Group cases.
In the RCFL case, the accused have caused a loss of Rs 4097 crores to the 13 Public Sector Banks (PSBs), whereas in the RHFL case, the loss amount is Rs 3526 crores to the 10 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 ...