Mumbai Court Sends Former RCFL CEO Devang Mody To CBI Custody In ₹7,623 Crore Bank Fraud Probe
Kirit Singhania
24 Jun 2026 10:06 AM IST
A Special CBI Court in Mumbai on Tuesday remanded former Reliance Commercial Finance Ltd (RCFL) Chief Executive Officer and Director Devang Pravin Mody to CBI custody till June 25, 2026.
The remand was granted in connection with the CBI's probe into an alleged ₹7,623 crore bank fraud involving Reliance ADA Group companies RCFL and Reliance Home Finance Ltd (RHFL).
The case pertains to alleged irregularities in loans extended by a consortium of 31 banks and financial institutions to the group entities.
Special Judge Dr. J.P. Darekar ruled that, considering the prima facie material on record, the stage of investigation and the magnitude of the alleged fraud, CBI custody was justified. The court accordingly remanded Mody to CBI custody till June 25, 2026.
“As already discussed, one of the offence with which accused is arrested is punishable more than 7 years of imprisonment and the grounds of arrest and reasons of arrest have already communicated to the accused. Therefore, considering all these facts and circumstances, the role prima facia made out from the documents, stage of the investigation, standing of the accused and magnitude of the case. Further, CBI custody of the accused is justifiable. Therefore, the accused is remanded to CBI custody till 25.06.2026. Issue authenticate copy of this roznama to CBI.”
The case arises from an FIR registered by the CBI on December 6, 2025 based on a complaint lodged by Bank of Maharashtra Deputy General Manager Aditya Prakash. The FIR names RCFL, Devang Mody, former director Ravindra Rao and unknown public servants and private persons for offences under the IPC and Prevention of Corruption Act.
The CBI submitted that Mody, who served as CEO and Director of RCFL between April 2017 and December 2018, was a key decision maker in the company and that his custody was necessary to uncover the alleged conspiracy, identify ultimate beneficiaries and ascertain the involvement of public servants and private individuals.
Opposing the remand, Mody argued that he had cooperated with the investigation and challenged the legality of his arrest.
The Court however, noted that the grounds of arrest had been duly communicated and considering the prima facie material, seriousness of the allegations and stage of investigation, held that CBI custody was justified in his arrest and remanded him to custody till June 25, 2026.
For Accused Person: Advocate Pranjit Bhattacharya