CBI Books Jai Anmol Ambani in ₹228-crore bank fraud case: Searches conducted at Mumbai residence

The Central Bureau of Investigation (CBI) has registered an FIR against Reliance Home Finance Ltd. (RHFL), its former director Jai Anmol Ambani son of industrialist Anil Ambani and former CEO Ravindra Sharad Sudhakar in connection with an alleged ₹228-crore bank fraud. The agency on Tuesday conducted searches at multiple locations in Mumbai, including the Ambani residence at Cuffe Parade.

According to officials, the action follows a complaint filed by Union Bank of India (earlier Andhra Bank), which accused RHFL of defaulting on credit facilities sanctioned for business purposes. The bank stated that despite stipulated conditions on financial discipline, repayment schedules, and proper fund utilisation, the company failed to service the loan, leading to the account being classified as a non-performing asset (NPA) in September 2019.

In its statement, the CBI said it secured search warrants from the Special Judge for CBI, Mumbai, before launching operations at two RHFL offices, the residences of Jai Anmol Ambani, and Ravindra Sudhalkar. Officials confirmed that teams visited the seventh floor of Sea Wind building in Cuffe Parade, where several “incriminating documents” were seized.

The bank’s complaint noted that RHFL had borrowed a total of ₹5,572.35 crore from 18 lenders, including banks, non-banking financial companies (NBFCs), financial institutions and corporate bodies. The present case concerns credit facilities worth ₹450 crore extended by Andhra Bank’s Structured Credit Facility (SCF) branch in Mumbai.

A forensic audit carried out by Grant Thornton for the period between April 2016 and June 2019 reportedly found diversion and misappropriation of borrowed funds. The bank alleged that the accused, in their roles as promoters and directors, manipulated accounts, breached trust, and siphoned off funds for purposes unrelated to the sanctioned credit.

Queries seeking comments from the Ambani family’s spokesperson remained unanswered. The investigation is ongoing.