Mumbai: The Central Bureau of Investigation (CBI) has registered a case against Jai Anmol Anil Ambani, son of industrialist Anil Ambani, and Reliance Home Finance Ltd. (RHFL) for allegedly cheating the Union Bank of India (e-Andhra Bank), causing a loss of Rs 228 crore, officials said on Tuesday.
A spokesperson for the Anil Ambani Group declined to comment on the matter.
Ex-Director and Ex-CEO Named in FIR
The FIR names Jai Anmol Anil Ambani, ex-director of RHFL, and Ravindra Sudhalkar, ex-CEO and whole-time director of RHFL and resident of Andheri. The CBI obtained search warrants from the Special Judge for CBI, Mumbai and conducted searches at:
Two official premises of RHFL
Residential premises of Jai Anmol Ambani
Residential premises of Ravindra Sudhalkar
Alleged Cheating and Misappropriation of Funds
According to the CBI FIR, RHFL, which primarily dealt in home loans, loan against property, and construction finance, approached the bank for financial facilities and presented projected financials. The bank was allegedly led to believe that the funds would support business growth.
RHFL had loans amounting to Rs 5,572.35 crore from 18 banks, financial institutions, NBFCs, and corporate bodies, including Union Bank of India. The Union Bank declared RHFL’s account NPA on September 30, 2019, and later as fraud on October 10, 2024, for causing a wrongful loss of Rs 228.06 crore.
Forensic Audit Confirms Systematic Diversion
Following the account turning NPA, a forensic audit covering April 1, 2016, to June 30, 2019, was conducted. The audit, submitted on May 6, 2020, revealed systematic diversion and malapportionment of borrowed funds, prompting lenders to classify the account as fraudulent under RBI guidelines.
Investigation and Legal Action Underway
A CBI official stated, "A thorough investigation will be conducted into allegations of defrauding all banks and financial institutions by the accused company. Several incriminating documents have been seized during searches. The case has been registered under charges of cheating, criminal conspiracy, and criminal misconduct under relevant IPC and Prevention of Corruption Act provisions."
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