In a major development tightening scrutiny on the Anil Ambani-led business empire, the Central Bureau of Investigation (CBI) has registered a case against Jai Anmol Ambani, son of industrialist Anil Ambani, and Reliance Home Finance Ltd (RHFL) for allegedly cheating Union Bank of India of Rs 228.06 crore.
The case marks the first time a CBI FIR has directly named Jai Anmol Ambani, intensifying pressure on the troubled Reliance Group already battling multiple financial investigations.
How the Fraud Allegedly Happened
According to Union Bank’s complaint—filed by its Structured Credit Finance branch in Mumbai—RHFL and its former directors allegedly diverted and misused credit funds sanctioned for business purposes.
A Rs 450-crore credit facility was approved for RHFL. However, a forensic audit by Grant Thornton (covering April 2016 to June 2019) revealed:
●Large-scale diversion of loan proceeds
●Failure to adhere to repayment schedules
●Delays in servicing interest
Violation of lending conditions, including not routing sale proceeds through the mandated bank account
The bank eventually classified the account as a Non-Performing Asset (NPA) on September 30, 2019.
CBI’s Allegations: Manipulation, Misappropriation, Breach of Trust
The FIR alleges that Jai Anmol Ambani and other named former directors—including Ravindra Sharad Sudhakar—engaged in:
●Manipulation of financial statements
●Criminal breach of trust
●Wrongful diversion of loan funds
●Siphoning of money through obscure corporate routes
The complaint states the accused “fraudulently misappropriated funds through manipulated accounts and non-transparent structures,” violating lending norms and causing losses to the bank.
Part of a Pattern: Reliance Group Under Scanner
This FIR adds to a growing list of financial probes involving entities of the Anil Ambani Group:
●CBI and Enforcement Directorate (ED) have earlier examined Anil Ambani and Jai Ambani over the Yes Bank–Reliance Capital transactions.
●Investigators alleged that Jai Anmol Ambani exercised influence over investment decisions at Reliance Nippon Mutual Fund during his tenure as Executive Director.
●Anil Ambani has also approached the Supreme Court challenging SBI’s classification of Reliance Communications as “fraudulent.”
The new case further deepens the crisis for the group, which has struggled with significant debt, regulatory scrutiny, and allegations of financial misconduct over the last decade.
What This Means for India’s Banking Sector
The action reflects the government’s intensified push to combat corporate loan fraud, especially cases involving:
●Diversion of bank credit
●False accounting practices
●Misuse of borrower–lender trust
With over Rs 10 lakh crore stuck in stressed corporate accounts across India, agencies like the CBI and ED have ramped up investigations into suspicious lending and fund diversion patterns.
