The CBI has registered a case against Jai Anmol Anil Ambani, son of industrialist Anil Ambani, along with Reliance Home Finance Ltd. (RHFL), for allegedly cheating Union Bank of India and causing a loss of Rs 228 crore to the public-sector lender, officials said on Tuesday.
According to officials, the agency took action based on a complaint filed by the bank (formerly Andhra Bank) against RHFL, Jai Anmol Anil Ambani, and Ravindra Sharad Sudhakar, both directors of the company.
The complaint stated that RHFL had obtained credit limits amounting to ₹450 crore from the bank’s SCF branch in Mumbai for its business operations.
It also noted that the bank had mandated strict financial discipline, including timely repayment, servicing of interest and charges, submission of security-related documents, and routing all sale proceeds through the designated bank account.
Officials said the company failed to meet its repayment obligations, leading to the account being declared a non-performing asset (NPA) on September 30, 2019.
A forensic audit by Grant Thornton (GT), covering the period from April 1, 2016 to June 30, 2019, allegedly revealed misappropriation of borrowed funds and diversion of finances.
In its complaint, the bank alleged: "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."
