CBI Probes Jai Anmol Ambani in Bank Fraud Case

New Delhi, Dec 9 (PTI) The CBI conducted searches at the residence of Jai Anmol Anil Ambani, the son of industrialist Anil Ambani, on Tuesday after registering an FIR against him and Reliance Home Finance Ltd. (RHFL) for allegedly cheating the Union Bank of India of Rs 228 crore, officials said.

The CBI acted on a complaint from the bank (erstwhile Andhra Bank) against Reliance Home Finance Ltd., the then director Jai Anmol and ex-CEO Ravindra Sharad Sudhakar, alleging that the company did not repay the credit availed from the bank that turned the account into a non-performing asset in 2019, they said.

Queries for reaction from the Ambanis' spokesperson went unanswered.

"The CBI obtained search warrants from the court of Special Judge for CBI, Mumbai and has commenced searches at two official premises of Reliance Home Finance Ltd., residential premises of Jai Anmol Ambani, son of Anil Ambani, the then Director of Reliance Home Finance Ltd. and residential premises of Ravindra Sudhalkar, Ex-CEO and Whole Time Director of RHFL, all at Mumbai on 09.12.2025," the CBI spokesperson said in a statement.

CBI teams reached the seventh floor of the Sea Wind building, the residence of Anil Ambani in Cuffe Parade, Mumbai, this morning from where several incriminating" documents were taken into possession during searches, officials said.

Reliance Home Finance Ltd. had availed loans to the tune of Rs 5572.35 crore from 18 banks, financial institutions, non-banking financial companies and corporate bodies including the Union Bank of India, she said.

The case pertains to credit facilities worth Rs 450 crore availed by the company from Andhra Bank's SCF branch in Mumbai for business needs, the complaint stated.

The bank had laid down the condition to maintain financial discipline, including timely repayment, service of interest and other charges and submission of position of security and other required papers in time and routing the entire sale proceeds through the bank account.

The company failed to pay the instalments to the bank and hence, the said account was classified as a non-performing asset (NPA) on September 30, 2019, the officials said.

A forensic examination of the accounts was carried out by Grant Thornton (GT), for a review period from April 1, 2016, to June 30, 2019, which showed that borrowed funds were misapportioned and considered as diversion of funds, they said.

"The accused persons in their capacity of erstwhile promoters /directors of the borrower Company committed fraudulent misappropriation of funds through manipulation of accounts and criminal breach of trust and diverted/siphoned off the funds for purposes other than the purpose for which finance was extended," the bank alleged.