The Central Bureau of Investigation (CBI) has initiated legal action against Jai Anmol Anil Ambani, the son of businessman Anil Ambani, in connection with a banking fraud case related to Reliance Housing Finance Limited (RHFL). This development marks the first instance of a criminal case being filed against Anil Ambani’s son.
The case, which also implicates RHFL, its former CEO and whole-time director Ravindra Sudhalkar, and unidentified others, including public servants, alleges offenses such as cheating, criminal conspiracy, and criminal misconduct that resulted in a financial loss of Rs 228.06 crore to the concerned bank.
As per the complaint submitted to the CBI, Jai Anmol Anil Ambani, Ravindra Sudhalkar, and others are accused of engaging in activities that led to financial discrepancies through irregularities in loan processes and repayments. The agency has taken cognizance of the matter under fraud-related charges and misuse of authority.
Anup Vinayak Tarale, Deputy General Manager of Union Bank of India, lodged the complaint stating that RHFL had sought financial support from the bank’s SCF Branch in Mumbai, presenting strong financial projections. Based on these representations, the bank approved term loans totaling Rs 450 crore between 2015 and 2019, along with subscribing to Rs 100 crore in privately placed non-convertible debentures issued by the company. The loans were granted with conditions mandating financial discipline, timely repayments, and accurate disclosure of assets and financial data.
RHFL, a housing finance company registered with the National Housing Bank and listed on the National and Bombay Stock Exchanges in September 2017, allegedly witnessed diversion and misappropriation of loan funds by former directors, including Jai Anmol Ambani and ex-CEO Ravindra Sharad Sudhalkar.
Following the loan account’s classification as non-performing on September 30, 2019, the bank declared it as a “fraud” on October 10, 2024, subsequently informing the Reserve Bank of India. Union Bank has claimed a loss of Rs 228.06 crore, representing public funds allegedly misused.
A forensic audit conducted by Grant Thornton India LLP covering the period from April 2016 to June 2019 forms the basis of the accusations. The audit revealed substantial diversion of borrowed funds, indicating that nearly 86% of the company’s General Purpose Corporate Loans amounting to Rs 12,573.06 crore were disbursed to potentially indirectly connected entities. A significant portion of these funds was purportedly channeled to group companies or utilized for servicing debts of related parties.
The audit also highlighted circular transactions where funds were routed back to RHFL and significant amounts with untraceable end-use due to data gaps. The bank alleges that former directors were directly involved in the company’s operational and financial decisions during the loan sanctioning period and subsequent misuse.
The accused are suspected of colluding with associates and unidentified public servants to defraud the bank, manipulate financial records, and misuse public funds. Various Reliance Group entities, including Reliance Commercial Finance Ltd, Reliance Telecom Ltd, and Reliance Communication Infrastructure Ltd, have been implicated in the alleged fund diversion scheme.
Union Bank mentioned the absence of established internal staff accountability to date, leaving room for potential involvement of public servants as revealed in the ongoing CBI investigation. All original loan documents, audit materials, and relevant records are securely stored and will be provided to investigators as necessary.
The CBI has filed charges against the accused under sections 120-B and 420 of the Indian Penal Code, along with sections 13(2) and 13(1)(d) of the Prevention of Corruption Act and Section 7 of the amended PC Act. Inspector Roshan Lal of the CBI’s Banking Security and Fraud Branch in New Delhi has been assigned to lead the investigation.
This case signifies a significant development in the continued scrutiny of companies previously associated with the Anil Ambani-led Reliance Group, intensifying legal pressure with the inclusion of Jai Anmol Ambani in a criminal inquiry for the first time.