The Central Bureau of Investigation on Tuesday registered a high-profile criminal case against Jai Anmol Ambani, the elder son of beleaguered industrialist Anil Ambani, along with Reliance Home Finance Limited and its former director Ravindra Sharad Sudhakar, following a damning complaint of ₹228 crore bank fraud lodged by Union Bank of India.
The case originates from a detailed forensic investigation triggered by Union Bank (previously Andhra Bank), which accused the company and its top executives of systematic cheating, criminal breach of trust, and deliberate diversion of public funds during Jai Anmol’s tenure as a key promoter and board member of the troubled housing finance entity.
Documents reveal that Reliance Home Finance had secured substantial credit facilities amounting to ₹450 crore from Union Bank’s specialised Structured Corporate Finance branch in Mumbai for legitimate business operations, with strict conditions mandating timely interest payments, repayment schedules, and proper utilisation of sanctioned amounts under continuous bank oversight.
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However, the company allegedly flouted every covenant, repeatedly defaulted on obligations despite multiple warnings, and allowed the account to slip into non-performing asset status on 30 September 2019. A comprehensive forensic audit subsequently conducted by reputed firm Grant Thornton for the period April 2016 to June 2019 exposed large-scale financial irregularities and confirmed that borrowed funds were systematically siphoned off through intricate transactions involving related parties.
As the CBI gears up to summon Jai Anmol Ambani and other accused for intensive questioning while seizing critical financial records, board resolutions, and digital evidence, the development delivers yet another crushing blow to the once-mighty Anil Ambani empire, already reeling under massive debt and regulatory scrutiny. Reliance Home Finance has so far remained silent on the explosive allegations.
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