CBI arrests Devang Mody and Ravindra Sudhalkar in ₹7,623cr probe
Big news: The CBI just arrested Devang Mody and Ravindra Sudhalkar, who used to lead Reliance Commercial Finance and Reliance Home Finance.
They are accused of approving shady loans and funneling money to other Reliance ADA Group companies, which ended up costing public sector banks a whopping ₹7,623 crore.
The arrests were announced on June 22.
Part of larger Reliance-ADA probe
According to the CBI, Mody and Sudhalkar were in charge during the years when these questionable deals happened (Mody from 2017-2018 and Sudhalkar from 2016-2022).
This is part of a bigger investigation into financial misconduct at Reliance ADA Group, with three others already arrested.
For anyone keeping an eye on corporate scandals or banking news, this case is one of the biggest in recent years.