ZisNews - Breaking News & Updates

THe telephone exchange Bureau of investigating (CBI) has arrested ii former CEOs of deuce trust ADAG companies in connection with ongoing corruption cases, the agency said on Monday.The arrested executives have been identified as - Devang Mody, former director and CEO of Reliance Commercial Finance Limited (RCFL), and Ravindra Sudhalkar, former executive director and CEO of Reliance Home Finance Limited (RHFL).The agency said in a statement that in the RCFL case, a loss of ₹4,097 crore has been caused to 13 public sector banks while in RHFL case, ₹3,526 crore loss has been caused to 10 public sector banks (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 operations of the company. He approved loans to intermediary and conduit companies despite being aware that such lending was contrary to RBI guidelines and the sanction conditions governing borrowings from PSBs,” the CBI statement said.Ravindra Sudhalkar, the CBI statement said , “served as ED and CEO of RHFL during the period from October 2016 to March 2022. He was a key decision-maker responsible for managing the operations of Reliance Home Finance Limited (RHFL). He approved loans to intermediary and conduit companies despite such lending being contrary to the company’s lending policies, NHB/RBI guidelines and the conditions governing borrowings from PSBs”.The agency further said its probe revealed that “the accused persons 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 combined wrongful loss 7,623 crores to the lending banks and corresponding wrongful gain to themselves and related entities”.HT has reached out to Reliance group for a comment. The story will be updated..

Global News Perspectives

In today's interconnected world, staying informed about global events is more important than ever. ZisNews provides news coverage from multiple countries, allowing you to compare how different regions report on the same stories. This unique approach helps you gain a broader and more balanced understanding of international affairs. Whether it's politics, business, technology, or cultural trends, ZisNews ensures that you get a well-rounded perspective rather than a one-sided view. Expand your knowledge and see how global narratives unfold from different angles.

Customizable News Feed

At ZisNews, we understand that not every news story interests everyone. That's why we offer a customizable news feed, allowing you to control what you see. By adding keywords, you can filter out unwanted news, blocking articles that contain specific words in their titles or descriptions. This feature enables you to create a personalized experience where you only receive content that aligns with your interests. Register today to take full advantage of this functionality and enjoy a distraction-free news feed.

Like or Comment on News

Stay engaged with the news by interacting with stories that matter to you. Like or dislike articles based on your opinion, and share your thoughts in the comments section. Join discussions, see what others are saying, and be a part of an informed community that values meaningful conversations.

Download the Android App

For a seamless news experience, download the ZisNews Android app. Get instant notifications based on your selected categories and stay updated on breaking news. The app also allows you to block unwanted news, ensuring that you only receive content that aligns with your preferences. Stay connected anytime, anywhere.

Diverse News Categories

With ZisNews, you can explore a wide range of topics, ensuring that you never miss important developments. From Technology and Science to Sports, Politics, and Entertainment, we bring you the latest updates from the world's most trusted sources. Whether you are interested in groundbreaking scientific discoveries, tech innovations, or major sports events, our platform keeps you updated in real-time. Our carefully curated news selection helps you stay ahead, providing accurate and relevant stories tailored to diverse interests.

Two former CEOs of Reliance ADAG companies arrested by CBI

Global News Perspectives

Customizable News Feed

Like or Comment on News

Download the Android App

Diverse News Categories

Category News

Country News