New Delhi, 9 December (H.S.): The Central Bureau of Investigation (CBI) has filed a case against Jai Anmol Ambani, the elder son of industrialist Anil Ambani, and Reliance Home Finance Limited (RHFL) over alleged financial irregularities that caused a loss of ₹228 crore to the Union Bank of India, formerly known as Andhra Bank.

According to officials, the CBI acted upon a detailed complaint from the bank, naming Jai Anmol Ambani and Ravindra Sharad Sudhakar—both directors of RHFL—as accused. The bank had earlier sanctioned credit facilities worth ₹450 crore to RHFL through its Structured Credit Finance branch in Mumbai to support its business operations.

The bank’s complaint stated that RHFL had violated lending conditions, including the requirement for timely repayment, interest servicing, and routing all sales proceeds through the bank account. The company eventually defaulted on repayments, leading to the loan being classified as a non-performing asset (NPA) on September 30, 2019.

A forensic audit by consultancy firm Grant Thornton, covering the period from April 2016 to June 2019, revealed that the borrowed funds were allegedly diverted for purposes unrelated to the sanctioned loan objectives.

The audit suggested evidence of fund misappropriation, manipulation of financial accounts, and criminal breach of trust.“The accused individuals, in their capacity as promoters and directors, are alleged to have diverted and siphoned off the borrowed funds, thereby defrauding the lender,” the complaint stated.

The agency has initiated an investigation into the purported misuse of funds and financial misconduct.This case marks another setback for the Reliance Group, which has faced multiple regulatory inquiries over its loans and financial operations in recent years.

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Hindusthan Samachar / Jun Sarkar