New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Jai Anmol Anil Ambani, son of industrialist Anil Ambani, along with Reliance Home Finance Ltd. (RHFL), after Union Bank of India (formerly Andhra Bank) alleged cheating that resulted in a loss of ₹228 crore. The complaint also names Ravindra Sharad Sudhakar, another RHFL director.

Loan Defaults and NPA Classification

According to the complaint, RHFL had obtained credit limits totalling ₹450 crore from the Mumbai SCF branch for business purposes.

The bank required the company to adhere to financial discipline—such as timely repayment, regular interest servicing, and submission of security-related documents—while also mandating that all sale proceeds be routed through the bank.

RHFL failed to meet these obligations, leading the bank to classify the account as a non-performing asset on September 30, 2019.

Forensic Audit Indicates Diversion of Funds

A forensic review conducted by Grant Thornton, covering April 2016 to June 2019, revealed that loan funds were misallocated and diverted. The bank alleged that the accused, in their roles as former promoters and directors of RHFL, engaged in manipulation of accounts, misappropriated funds, and violated the trust under which the credit facility was extended.

As stated in the complaint: “The accused persons in their capacity of erstwhile promoters /directors of the borrower Company committed fraudulent misappropriation of funds through manipulation of accounts and criminal breach of trust and diverted/siphoned off the funds for the purposes other than the purpose for which finance was extended.”