The Central Bureau of Investigation (CBI) has filed a criminal case against Jai Anmol Ambani, son of industrialist Anil Ambani, in connection with an alleged ₹228 crore banking fraud. The case also names Reliance Home Finance Ltd (RHFL), where Jai Anmol Ambani previously served as a director, and its former CEO Ravindra Sharad Sudhakar. Officials confirmed on Tuesday that the agency acted on a complaint from Union Bank of India, alleging cheating and fund diversion. Sea^[1][2][3][4]rches were conducted at multiple locations in Mumbai, including Jai Anmol Ambani's residence, as part of the ongoing investigation. ## Fraud Allegations and Investigation Details Union Bank of India, formerly Andhra Bank, accused Reliance Home Finance Ltd of defaulting on credit facilities totaling ₹450 crore. The bank had sanctioned these credit limits for RHFL's business operations, with strict conditions for financial discipline, timely repayments, and transparent routing of sale proceeds. Howev^[1][5][7]er, RHFL allegedly failed to meet its repayment obligations. This led to the loan account being classified as a non-performing asset (NPA) on September 30, 2019. A fo^{[1][2][5][6][7]}rensic audit conducted by Grant Thornton, covering the period from April 1, 2016, to June 30, 2019, reportedly uncovered evidence of fund diversion, account manipulation, and the misuse of borrowed funds. The a^{[1][2][5][6][7]}udit indicated that the funds were used for purposes other than those approved by the lender. The b^[1][6][7]ank alleged that the company's former promoters and directors, including Jai Anmol Ambani, engaged in fraudulent misappropriation of funds through account manipulation and criminal breach of trust. The U^[1][4][7]nion Bank of India subsequently declared the account as "fraud" on October 10, 2024, and reported the matter to the Reserve Bank of India. The a^[4][8]lleged fraud resulted in a wrongful loss of ₹228.06 crore to the public bank. ### CB^[2][3][4][8]I Action and Searches The CBI registered a criminal case on December 6, 2025, at its Banking Security and Fraud Branch in New Delhi. The FIR named Jai Anmol Ambani, former director of RHFL, along with Ravindra Sharad Sudhalkar, the company's ex-CEO and whole-time director, and other unidentified associates and public servants. The age^[3][4]ncy has invoked provisions related to criminal conspiracy, cheating, and criminal misconduct. Follow^[4][8]ing the registration of the FIR, CBI teams secured search warrants from a special CBI court in Mumbai. On Tuesday, December 9, 2025, searches were carried out at multiple locations. These included two official premises of Reliance Home Finance Ltd, as well as the residential premises of Jai Anmol Ambani in Mumbai's Cuffe Parade, and Ravindra Sudhalkar. Officia^{[1][5][6][9][10]}ls stated that several "incriminating documents" were observed and seized during these operations. The age^[1][5][6][9]ncy plans to scrutinize financial statements, loan utilization records, and transactions flagged in the forensic report to identify potential beneficiary entities. ### Br^[1]oader Context and Ongoing Investigations This case against Jai Anmol Ambani marks the first time a criminal case has been filed against him, though his father, Anil Ambani, has been named in other investigations. The CBI^[2][4]'s action is part of a broader multi-pronged probe into alleged bank frauds involving companies of the Reliance Anil Dhirubhai Ambani (ADA) group. In a s^[1][11]eparate but parallel action, the CBI has also registered a criminal case against Reliance Commercial Finance Ltd (RCFL), another ADA group company, and its former directors. This se^{[8][11][12][13]}parate case involves allegations of cheating Bank of Maharashtra to the tune of ₹57.47 crore. It is imp^{[8][12][13][14]}ortant to note that Jai Anmol Ambani has not been named in this particular case concerning Reliance Commercial Finance Ltd. Searches ^[12][13][14]were also conducted at RCFL's Mumbai office and the Pune residence of its director Devang Pravin Mody in connection with this second case. The ADA ^[1][13][14]group companies have reportedly availed significant loans from various financial institutions. Reliance Home Finance Ltd had borrowed ₹5,572.35 crore from 18 lenders, while Reliance Commercial Finance Ltd availed ₹9,280 crore from 31 banks and financial institutions. These investi^[5][13][14]gations come as the Anil Ambani-led Reliance Group faces ongoing scrutiny from various agencies, including the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO), concerning alleged financial irregularities and large-scale fund siphoning. The CBI spoke^[3][15]sperson stated that a thorough investigation will be conducted into allegations of defrauding all banks and financial institutions by the accused companies. The investig^[13][14]ation into the alleged ₹228 crore fraud by Reliance Home Finance Ltd and its former directors, including Jai Anmol Ambani, continues as authorities examine the complex financial transactions and alleged diversions of public funds.

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