CBI files case against Anil Ambanis son in Rs 228 crore fraud case
NEW DELHI: The Central Bureau of Investigation (CBI) has filed a criminal case against Jai Anmol Ambani, son of businessman tycoon Anil Ambani, following allegations of cheating and fund diversion that caused Union Bank of India a loss of Rs 228.06 crore, the agency said. Anil Ambani's Reliance Group is facing money laundering investigation alleged irregularities in loans worth approximately Rs 17,000 crore. The FIR, registered on December 6, 2025, at the CBI's Banking Security and Fraud Branch (BSFB) in New Delhi, has named Jai Anmol Ambani, former director of Reliance Home Finance Ltd (RHFL), along with Ravindra Sharad Sudhalkar, the company's ex-CEO and whole-time director, unknown associates and public servants. The cheating and fund diversion allegedly occurred during the period from April 1, 2016, to June 30, 2019. According to the detailed complaint to CBI filed by Anup Vinayak Tarale, Deputy General Manager at Union Bank's Stressed Asset Management Branch in Mumbai, RHFL approached the erstwhile Andhra Bank, now merged with Union Bank of India, seeking financial assistance in 2015. Between February and May 2015, the bank sanctioned three separate term loans which are Rs 200 crore on February 21, Rs 150 crore and Rs 100 crore on May 29. In addition to that, Tarale stated, the bank subscribed to private non-convertible debentures (NCDs) worth Rs 100 crore, bringing the total exposure to Rs 550 crore. The facilities were sanctioned as part of a consortium arrangement led by Bank of Baroda, with the loans secured against a pari passu first charge on book debts, receivables, and outstanding monies of RHFL, valued at Rs 3,231.64 crore as of June 30, 2020. ED files chargesheet against Anil Ambani firm for submitting bogus bank guarantee The FIR states about the finding of the audit done by the bank where it is allegations of cheating and fund diversion came to fore front. The audit report, submitted on May 6, 2020 to the bank, found that approximately 86 percent of corporate loans amounting to Rs 12,573.06 crore were disbursed to Potentially Indirectly Linked Entities (PILE), with many loans sanctioned without proper consideration of repayment capacity or adequate collateral. The audit further stated that that nearly 40 percent of funds, totaling Rs 3,573.06 crore, were used for debt servicing of group companies rather than the intended purpose of housing finance. Around 18 percent of funds, approximately Rs 1,610.13 crore, appeared to be circular transactions where money was routed back to RHFL itself. Investigators were unable to trace the complete utilisation of 22 per cent of funds, amounting to Rs 1,934.88 crore. The forensic report also noted that approximately 48 percent of total loan disbursements by RHFL during the review period from April 2016 to June 2019 pertained to corporate loans, did not align with the core objective of a housing finance company. The RHFL account became a non-performing asset on September 30, 2019. The company was subsequently resolved under the RBI Framework for Resolution of Stressed Assets, dated June 7, 2019, with a change in management. Union Bank stated that the erstwhile promoters and directors were involved in fraudulent practices on October 10, 2024 and reported the case to the RBI on October 16, 2024. The resolution plan implemented on March 29, 2023, the bank had received only Rs 60.23 crore as its share. During probe CBI, found that funds were allegedly siphoned through different companies, including Reliance Commercial Finance Ltd, Reliance Telecom Ltd, Reliance Communication Infrastructure Ltd, and K M Toll Road among others. Timeline of Events June 5, 2008: RHFL incorporated September 22, 2017: RHFL listed on NSE and BSE February-May 2015: Union Bank sanctions Rs 450 crore in term loans April 2016-June 2019: Period of alleged fund diversion June 7, 2019: RBI Framework for Resolution of Stressed Assets applied; company resolved with management change September 30, 2019: Account classified as NPA July 6, 2019: Inter-Creditor Agreement executed May 6, 2020: Grant Thornton submits forensic audit report March 29, 2023: Resolution plan by Authum Investment and Infrastructure Limited implemented; bank recovers Rs 60.23 crore October 10, 2024: Union Bank declares Jai Anmol Ambani and Ravindra Sudhalkar as frauds October 16, 2024: Fraud reported to Reserve Bank of India November 13, 2025: Union Bank files complaint with CBI December 6, 2025: CBI registers FIR
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