The Central Bureau of Investigation (CBI) has filed a criminal case against Jai Anmol Anil Ambani, the elder son of industrialist Anil Ambani, in connection with an alleged bank fraud involving Reliance Housing Finance Limited (RHFL). This is the first instance in which Anmol Ambani has been named as an accused in a criminal investigation, marking a major legal setback for the former Reliance Group scion.
The FIR also names RHFL, its former CEO and whole-time director Ravindra Sudhalkar, and unidentified individuals, including unknown public servants. The allegations levelled in the complaint include cheating, criminal conspiracy, and criminal misconduct, which together—according to the bank—caused a financial loss of ₹228.06 crore.
The case follows a written complaint to the CBI by Anup Vinayak Tarale, Deputy General Manager of Union Bank of India. In the complaint, Union Bank stated that RHFL had approached its Strategic Credit Finance (SCF) Branch in Mumbai to seek financial support while presenting what appeared to be strong financial fundamentals. Based on these representations, the bank sanctioned term loans totalling ₹450 crore between 2015 and 2019, and additionally subscribed to ₹100 crore worth of privately placed non-convertible debentures issued by RHFL.
These sanctions were granted on the condition that RHFL would maintain strict financial discipline, ensure transparent disclosures of securities and accounts, and repay dues on time. RHFL was, at the time, a registered housing finance company under the National Housing Bank and was publicly listed on both the Bombay Stock Exchange and the National Stock Exchange in September 2017.
The bank now alleges that instead of using the sanctioned funds for legitimate business purposes, the company’s directors—including Jai Anmol Ambani and Ravindra Sudhalkar—diverted and siphoned large sums to various entities. The loan account eventually turned non-performing on September 30, 2019, and on October 10, 2024, the bank officially classified it as “fraud” and reported the matter to the Reserve Bank of India. Union Bank claims the fraud resulted in a wrongful loss of ₹228.06 crore, thereby affecting public deposits.
A forensic audit, conducted by Grant Thornton India LLP and covering the period from April 2016 to June 2019, forms the foundation of the allegations. According to the audit report, nearly 86 per cent of the company’s General Purpose Corporate Loans—amounting to ₹12,573.06 crore—were disbursed to entities that were potentially indirectly linked to RHFL. A substantial portion of these funds was allegedly channelled to group companies or used to service debts related to other Reliance Group entities.
The audit also identified circular transactions that reportedly routed funds back to RHFL and large financial transfers for which the end use could not be traced due to incomplete or missing records. The bank has maintained that the former directors exercised full control over daily operations and financial activities during the period when the loans were sanctioned and misused.
The complaint asserts that the accused conspired with associates and unidentified public servants to cheat Union Bank, manipulate financial statements, and divert public money for unauthorised purposes. Several other Reliance Group firms—such as Reliance Commercial Finance, Reliance Telecom, and Reliance Communication Infrastructure—have been named as part of a broader network allegedly used to move the funds.
Union Bank has stated that no internal staff accountability has been officially established so far, though the involvement of public sector employees cannot be ruled out and may emerge during the investigation. All original loan files, credit documentation, and forensic audit papers are being preserved and will be handed over to CBI officers when required.
The CBI has registered the case under multiple provisions, including Sections 120-B (criminal conspiracy) and 420 (cheating) 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. The investigation has been assigned to Inspector Roshan Lal of the CBI’s Banking Security and Fraud Branch in New Delhi.
The development marks a major escalation in the scrutiny of companies that once formed part of the Anil Ambani-led Reliance Group. With Jai Anmol Ambani now formally named as an accused for the first time, the case adds significant legal pressure on the group’s leadership and signals renewed oversight of alleged financial irregularities linked to its former empire.
