CBI’s new FIR against Jai Anmol Anil Ambani pulls one more thread in a long, messy saga around Reliance Home (Housing) Finance and Anil Ambani’s debt‑ridden group. Here is how the alleged ₹228‑crore fraud with Union Bank began, what forensic auditors say happened to the money, and how it links to wider regulatory heat on the group.
How the Union Bank loan was sanctioned
According to the complaint filed by Union Bank of India (erstwhile Andhra Bank), Reliance Home Finance Ltd (RHFL) – now often referred to as Reliance Housing Finance in reports – approached the bank’s specialised SCF branch in Mumbai seeking working‑capital and term facilities for its housing finance business.
- RHFL, promoted by the Anil Ambani‑led Reliance Group, presented what the bank describes as strong financials and robust growth projections, assuring that funds would be deployed strictly for housing finance and related lending.
- On this basis, the bank sanctioned credit limits totalling ₹450 crore for business needs, with conditions covering:
Over time, RHFL allegedly defaulted on repayments. Despite reminders and monitoring, instalments were not paid, and Union Bank ultimately classified the account as a non‑performing asset (NPA) on 30 September 2019.
Union Bank later calculated that after recoveries and security enforcement, it had suffered a net loss of ₹228.06 crore, which is the amount cited in the CBI FIR.
What the forensic audit found
Facing mounting stress in the Reliance Home Finance account, lenders commissioned a forensic audit by Grant Thornton, covering the period 1 April 2016 to 30 June 2019.
Key findings quoted in the CBI‑linked reports include:
- Diversion to group entities:
- Circular transactions:
- Untraceable utilisation:
- Corporate loans instead of housing finance:
On the basis of this report, Union Bank alleged that RHFL’s promoters/directors had “fraudulently misappropriated funds through manipulation of accounts and criminal breach of trust,” siphoning money for purposes other than those for which the loan was sanctioned.
What exactly CBI has alleged
Acting on the Union Bank complaint, the CBI has registered an FIR naming:
- Jai Anmol Anil Ambani, then a director and one of the erstwhile promoters of RHFL;
- Ravindra Sharad (or Sudhalkar) Sudhakar, former CEO and whole‑time director;
- Reliance Home Finance Ltd; and
- Unknown public servants and others.
The FIR invokes sections relating to cheating, criminal conspiracy, criminal breach of trust and corruption, broadly alleging that:
- The accused, in their capacity as promoters/directors, misrepresented RHFL’s financial health and end‑use plans when seeking credit limits of ₹450 crore.
- After disbursement, they diverted or siphoned off funds to group firms or via circular transactions, rather than using them for genuine housing loans.
- They manipulated accounts and violated covenants, causing a wrongful loss of ₹228.06 crore to Union Bank and corresponding wrongful gain to related parties.
CBI is now expected to seize documents, examine bank statements and company records, and question present and former executives, bank officials and auditors.
This is the first criminal case naming Jai Anmol Ambani personally, although his father Anil Ambani and group companies have faced multiple regulatory and enforcement actions over the past few years.
Wider troubles around Anil Ambani and Reliance Home Finance
The new FIR sits on top of a thick stack of earlier findings and penalties:
- SEBI’s RHFL probe:
- In 2024, SEBI completed a detailed investigation into RHFL, concluding that thousands of crores had been diverted through complex related‑party and “Evergreening” structures; it banned Anil Ambani and 24 others from the securities market for five years (till Aug 2029) and imposed fines around ₹25 crore, among other penalties.
- Enforcement Directorate actions:
- RCom and other “fraud” tags:
- Personal market ban and overseas bankruptcy:
- SEBI’s orders bar Anil Ambani personally from accessing capital markets for five years over RHFL‑related diversion.
- In the UK, a court previously declared him bankrupt in a dispute with Chinese banks over personal guarantees worth over $700 million, and lenders are still chasing recovery from his global assets.
Against this backdrop, the CBI case against Jai Anmol Ambani effectively extends the investigative spotlight to the next generation of the Reliance ADA Group, focusing specifically on alleged fund diversion and misrepresentation at Reliance Home Finance.
Read this: Anil Ambani Appeals to SBI to Remove ‘Fraud’ Tag Against Him and Reliance Communications
What happens next
For now, CBI has only filed an FIR; no charges have been proven in court. The next steps typically include:
- Detailed forensic review of loan documents, board minutes, related‑party transactions and accounting entries;
- Summons and questioning of Jai Anmol Ambani, Ravindra Sudhalkar and other former executives;
- Coordination with SEBI, ED and forensic auditors like Grant Thornton to cross‑verify findings.
If CBI concludes that the evidence supports the bank’s allegations, it could file a charge sheet in a special CBI court, after which the criminal trial phase would begin. Parallelly, ongoing regulatory bans and insolvency proceedings will continue to shape what is left of Anil Ambani’s once‑sprawling financial services empire.
