Mumbai, March 14: Jai Anmol Ambani, son of industrialist Anil Ambani, was questioned by the Central Bureau of Investigation (CBI) for approximately 5 hours on Saturday in connection with an alleged Rs 228-crore fraud case involving Reliance Home Finance Ltd (RHFL), following a similar marathon session of questioning on Friday.
Junior Ambani appeared at the CBI headquarters in Delhi around 11 am and was examined by investigators until about 4 pm. He had been asked to appear again after Friday’s questioning as the agency continued its probe into alleged financial irregularities linked to the housing finance company.
The case relates to an alleged bank fraud in which Anmol Ambani, former director of RHFL during the relevant period, has been booked along with the company’s former chief executive officer and ex-whole-time director Ravindra Sudhalkar and others. Investigators are examining the role of senior executives, including board-level functionaries, and the company’s lending practices during the period when the loans under scrutiny were sanctioned.
The investigation deepens the regulatory pressure on the Reliance Anil Dhirubhai Ambani Group (ADAG), which is already facing probes by the Enforcement Directorate (ED) and has seen cumulative asset attachments exceeding Rs 16,310 crore.
Sources said Saturday’s questioning focused on the company’s loan disbursement practices, internal decision-making processes and the role of senior executives during the relevant period. Investigators are also analysing the corporate decision-making chain and identifying the individuals responsible for approving and overseeing the transactions under scrutiny.
Agency sources said Ambani’s role is being examined in connection with the approval of General Purpose Corporate Loans (GPCL). Forensic audits have alleged that some of these loans were routed to shell or potentially indirectly linked entities and financially weak group companies, in violation of standard credit norms.
The agency suspects that loans extended by RHFL were diverted by borrower companies and that due diligence norms were bypassed while sanctioning credit facilities. Officials said junior Ambani was questioned about the company’s financial transactions, board-level decisions and the operational structure during the period when the loans were sanctioned.
The case pertains to an alleged Rs 228-crore bank fraud in which the CBI suspects that funds raised through lending arrangements were siphoned off or routed through a network of entities in violation of banking norms.
The criminal case was registered against RHFL, a company of the ADAG group, its promoters or directors and unknown bank officials on the basis of a complaint filed by Union Bank of India. The FIR alleges criminal conspiracy, cheating and criminal misconduct that allegedly caused a wrongful loss of Rs 228.06 crore to the bank.
According to investigators, the RHFL loan account was classified as a Non-Performing Asset (NPA) in September 2019 and was later declared a “fraud” account on October 10, 2024.
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Officials said the scope of the investigation extends beyond a single lender. RHFL reportedly owed a total of Rs 5,572.3 crore to a consortium of 18 banks, financial institutions and corporate entities.
There was no official response from the company on the development till the time of publication.
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