Trouble deepened for the Anil Ambani-led Reliance Group on December 9, with the Central Bureau of Investigation registering a fresh case against his elder son, Jai Anmol Ambani, for allegedly cheating Union Bank of India to the tune of Rs 228 crore through fund diversion and fraudulent misappropriation.
The case stems from a forensic audit that flagged multiple irregularities in the lending and repayment activities of Reliance Home Finance Ltd (RHFL).
The CBI’s FIR, based on a complaint filed by Union Bank (formerly Andhra Bank), names RHFL, Jai Anmol Ambani, and Ravindra Sharad Sudhakar, both directors of the company during the period under investigation. The bank alleged that funds sanctioned to RHFL under various credit facilities were siphoned off through a network of shell entities, in violation of loan covenants and the stated business purpose.
Union Bank’s complaint is understood to rely heavily on a forensic audit that traced substantial amounts routed to “unrelated entities” with no clear economic rationale. The audit reportedly concluded that the transactions were structured to mask the diversion of bank funds, ultimately causing a loss of Rs 228.06 crore to the lender.
This marks the first time Jai Anmol Ambani has been formally booked in a CBI case, although the Reliance Group’s financial dealings have been under sustained investigation. In October, the agency, in its chargesheet relating to the Yes Bank–Reliance Group case, said it was examining Jai Ambani’s role during his tenure as Executive Director at Reliance Capital and Reliance Nippon Life Asset Management.
Anil Ambani himself has been named in multiple investigations by both the CBI and the Enforcement Directorate into alleged bank fraud and diversion of funds across group entities. The latest FIR adds to the mounting legal and financial challenges faced by the group, which has been battling insolvency proceedings, creditor lawsuits, and regulatory scrutiny over the past few years.
Union Bank, along with a consortium of lenders, has been pursuing recovery actions against several Reliance Group firms.
