News Desk: The Central Bureau of Investigation (CBI) has filed a criminal case against Jai Anmol Ambani, son of industrialist Anil Ambani, in connection with an alleged loan fraud that caused a loss of ₹228.06 crore to Union Bank of India.
The FIR, lodged on December 6 at the CBI’s Banking Security and Fraud Branch in New Delhi, names Anmol Ambani — former director of Reliance Home Finance Ltd (RHFL) — alongside former CEO Ravindra Sharad Sudhalkar, several company associates and unnamed public servants.
According to the complaint filed by Union Bank Deputy General Manager Anup Vinayak Tarale, RHFL had sought financial assistance from the then Andhra Bank (now merged with Union Bank) in 2015. Between February and May that year, the bank sanctioned three term loans totalling ₹450 crore and invested another ₹100 crore in non-convertible debentures, taking its total exposure to ₹550 crore. These loans were backed by receivables valued at ₹3,231.64 crore as of June 2020.
The CBI has booked Jai Anmol Ambani, son of industrialist Anil Ambani, in a ₹228 crore banking fraud case linked to Reliance Housing Finance Limited. The case, filed on the basis of a complaint by Union Bank of India, alleges deliberate diversion and misuse of loan funds… pic.twitter.com/8ehgBjcEKJ
— Mid Day (@mid_day) December 9, 2025
Audit Flags Massive Irregularities
An internal audit submitted in May 2020 unearthed glaring lapses. Nearly 86% of RHFL’s corporate loans — worth ₹12,573.06 crore — went to “Potentially Indirectly Linked Entities” without proper credit evaluation or adequate collateral.
The report highlighted that 40% of the funds (₹3,573.06 crore) were diverted to settle dues of other Reliance Group entities, while 18% (₹1,610.13 crore) were routed back to RHFL through circular transactions. Investigators were unable to trace the utilisation of 22% of funds (₹1,934.88 crore). The forensic review also found that almost half of RHFL’s disbursements in the period were corporate loans that had no link to its housing finance mandate.
The account turned into an NPA on September 30, 2019. It was later resolved under the RBI’s stressed-assets framework, with a change in management. Under the resolution plan implemented in March 2023, Union Bank managed to recover only ₹60.23 crore.
Funds Routed Through Multiple Group Entities
The CBI has alleged that diverted funds were channelled through several companies, including Reliance Commercial Finance Ltd, Reliance Telecom Ltd, Reliance Communication Infrastructure Ltd and K M Toll Road.
The agency is now investigating the full extent of fund diversion and the role of the accused in the alleged fraud.
