CBI books Jai Anmol Ambani in 228 crore fraud case, raids home

New Delhi: The CBI on Tuesday searched the Mumbai residence of Jai Anmol Anil Ambani after filing an FIR against him, Reliance Home Finance Ltd. (RHFL), and former CEO Ravindra Sudhalkar for allegedly cheating Union Bank of India of Rs 228 crore, officials said. The case stems from a complaint by the bank—formerly Andhra Bank—claiming RHFL failed to repay credit facilities, leading to the account being declared a non-performing asset in September 2019.

Acting on court-issued warrants, the CBI carried out searches at two RHFL offices and the residences of Ambani and Sudhalkar. At Anil Ambani’s Sea Wind residence in Cuffe Parade, officials said several incriminating documents were seized.

According to the bank, RHFL had borrowed Rs 5,572 crore from a consortium of 18 lenders, including Union Bank. The present case concerns credit facilities worth Rs 450 crore sanctioned by Andhra Bank’s Mumbai branch under strict conditions for financial discipline, repayment, and routing of sale proceeds.

The company allegedly failed to honour repayment obligations, prompting the NPA classification. A forensic audit by Grant Thornton of RHFL’s accounts from April 2016 to June 2019 reportedly found misappropriation and diversion of borrowed funds.

The bank alleged that former promoters and directors engaged in fraudulent misappropriation, manipulation of accounts, and diversion of funds for purposes unrelated to the sanctioned loans.