Ex-RCFL chief Devang Mody granted bail in ₹4,097cr fraud case
Devang Mody, who once led Reliance Commercial Finance Ltd (RCFL), is out on bail after being arrested for a massive ₹4,097 crore bank fraud.
The Mumbai CBI court said the accusations against him were broad and that the investigation was already wrapped up, with a charge sheet filed.
Mody's arrest was tied to loans he allegedly approved between 2017 and 2018 that didn't follow RBI rules.
No direct proof against Mody
The court pointed out there was no direct proof linking Mody to dodgy loan approvals. Plus, others involved weren't even arrested.
Most of the evidence is paperwork that's already been collected, so tampering isn't really a worry.
Since Mody cooperated with investigators and there's a lookout circular to keep tabs on him, the court wasn't too concerned about him running off.
Interestingly, an initial breach of trust charge was dropped; now it's just cheating and conspiracy in the final charge sheet.