The Central Bureau of Investigation (CBI) has registered a criminal case against Reliance Home Finance Ltd. (RHFL), a company of the Reliance ADA Group, and its former directors, including Jai Anmol Anil Ambani, son of industrialist Anil Ambani. The action follows a complaint by Union Bank of India (erstwhile Andhra Bank), alleging criminal conspiracy, cheating, and criminal misconduct that resulted in a wrongful loss of ₹228.06 crore to the public sector bank.
The CBI’s probe focuses on a ₹450 crore credit facility sanctioned by Union Bank’s Structured Credit Finance branch to RHFL for business needs. The bank’s complaint alleges that RHFL failed to maintain financial discipline, defaulted on repayments, and did not route the entire sale proceeds through the designated bank account as required under the lending conditions. Consequently, the account was classified as a Non-Performing Asset (NPA) on September 30, 2019, and subsequently declared as Fraud on October 10, 2024.
Also read: ED Attaches ₹3,084 Cr Assets Linked to Anil Ambani Group
Forensic audit reveals fund diversion
The allegations of fraud are substantiated by a forensic audit conducted by Grant Thornton (GT), covering the review period from April 1, 2016, to June 30, 2019. The audit reportedly found that the borrowed funds were misapportioned and diverted for purposes other than the stated objectives for which the finance was extended.
Union Bank’s complaint specifies that the accused persons, in their capacity as former promoters and directors, committed “fraudulent misappropriation of funds through manipulation of accounts and criminal breach of trust”. The bank alleges that these funds were siphoned off for purposes unrelated to RHFL’s core housing finance business. The CBI investigation specifically names Jai Anmol Anil Ambani and Ravindra Sharad Sudhakar, the company’s former CEO and Whole Time Director, both of whom were responsible for the company’s affairs during the relevant period.
Widespread investigation and ongoing searches
The investigation’s scope extends beyond Union Bank, as RHFL was reportedly availing loans to the tune of ₹5,572.35 crore from a consortium of 18 Banks / Financial Institutions / NBFCs / Corporate Bodies. The CBI has confirmed that a thorough investigation will be conducted into the allegations of defrauding all the lenders by the accused company.
In a move to gather evidence, the CBI obtained Search Warrants from the Hon’ble Special Judge for CBI, Mumbai, and initiated searches on December 9, 2025. Searches are underway at two official premises of RHFL and the residential premises of Jai Anmol Ambani and Ravindra Sudhalkar across Mumbai. The agency has reported observing and seizing several incriminating documents during the ongoing searches. The company has yet to issue a formal statement regarding the CBI’s action.
