A Mumbai Special CBI Court has granted bail to Devang Pravin Mody, former CEO and Director of Reliance Commercial Finance Ltd. (RCFL), in a case alleging diversion and siphoning of funds from loans sanctioned to RCFL by a consortium of banks and financial institutions. The CBI alleged that loans were diverted through group and related entities, causing wrongful losses to banks. Mody was arrested on June 22, 2026 and was in judicial custody.

Special Judge Nitin Vir Singh Jiwane held that although the allegations were serious, the material on record did not sufficiently justify continued incarceration. The Court noted that Mody had ceased to be associated with RCFL after December 2018, the alleged loan transactions largely related to an earlier period, and the evidence against him was substantially documentary and already in the CBI’s possession. The Court also noted that he had appeared before the CBI on several occasions during the investigation and that there was no allegation that he had failed to cooperate.

The Court accordingly allowed the bail application and directed accused’s release on a ₹1 lakh personal bond with one or two sureties, subject to conditions including surrender of passport, restriction on leaving India without permission, and appearance before the Court and CBI as required.