Mumbai: A criminal case has been registered by CBI against M/s Reliance Home Finance Ltd. (a company of Reliance ADA Group), its promoters/Directors and unknown bank officials, on the basis of a complaint of Union Bank of India on the allegations of criminal conspiracy, cheating and criminal misconduct and thereby causing wrongful loss of Rs. 228.06 crores to Union Bank of India (e-Andhra Bank).
The account of M/s Reliance Home Finance Ltd. was declared NPA on 30.09.2019 and as Fraud on 10.10.2024 by the Union Bank of India for causing wrongful loss of Rs. 228.06 crores to the Union Bank of India (e-Andhra Bank).
"M/s Reliance Home Finance Ltd. was availing loans to the tune of Rs. 5572.35 crores from 18 Banks / FIs / NBFCs / Corporate Bodies etc., including Union Bank of India. A thorough investigation will be conducted into the allegations of defrauding all the banks/FIs etc. by the accused company," said a CBI official.
CBI obtained Search Warrants from the court of Special Judge for CBI, Mumbai and has commenced searches at two official premises of M/s Reliance Home Finance Ltd., residential premises of Shri Jai Anmol Ambani, son of Anil Ambani, the then Director of M/s Reliance Home Finance Ltd. and residential premises of Ravindra Sudhalkar, Ex-CEO and Whole Time Director of M/s. RHFL, all at Mumbai on 09.12.2025.
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"Several incriminating documents have been observed and are being taken into possession during searches. Searches are in progress," the official said.
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