MUMBAI: The Central Bureau of Investigation (CBI) has arrested two former chief executive officers (CEOs) of two companies under the Reliance Anil Dhirubhai Ambani (ADA) Group in connection with ongoing corruption cases, the agency said on Monday.(Shutterstock)Among the arrested executives, former director and CEO of Reliance Commercial Finance Limited (RCFL) Devang Mody had caused a loss of ₹4,097 crore to 13 public sector banks (PSBs), while former executive director and CEO of Reliance Home Finance Limited (RHFL) Ravindra Sudhalkar had caused a loss of ₹3,526 crore to 10 PSBs, the statement released by the CBI said.According to the statement, Mody was the CEO of RCFL from April 2017 till December 2018, while Sudhalkar was the CEO of RHFL from October 2016 till March 2022. Mody and Sudhalkar were key decision-makers responsible for managing the operations of RCFL and RHFL, respectively.They both “approved loans to intermediary and conduit companies despite being aware that such lending was contrary to RBI (Reserve Bank of India) guidelines and the sanction conditions governing borrowings from PSBs,” the statement said.The arrested executives had 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 a combined wrongful loss of ₹7,623 crore to the lending banks, the statement noted.Apart from RHFL and RCFL, the CBI has registered first information reports (FIRs) against several other Reliance ADA Group companies, including Reliance Communications Ltd (RCom) and Reliance Telecom Ltd (RTL) based on complaints received from various PSBs and the Life Insurance Corporation of India. The probes in these cases are being monitored by the Supreme Court.On May 29, 2026, the CBI filed its first charge-sheet in the RCom case against 16 accused persons, including the company, five senior executives and 10 bank officials.The CBI has so far arrested five former executives of Reliance ADA Group companies in connection with ongoing corruption cases, including Mody and Sudhalkar.HT reached out to the Reliance ADA Group for a comment, but did not receive any response.