Reliance Home Finance Scandal: Anil Ambani's Son Accused of Cheating

The CBI has filed a case against Jai Anmol Anil Ambani and Reliance Home Finance Ltd. for allegedly defrauding Union Bank of India, leading to a Rs 228 crore loss. A forensic audit revealed misallocation of borrowed funds, breaching financial discipline set by the bank.

The Central Bureau of Investigation (CBI) has charged Jai Anmol Anil Ambani and Reliance Home Finance Ltd. with alleged fraud against Union Bank of India, resulting in a Rs 228 crore loss, officials reported on Tuesday.

The charges follow a Union Bank complaint against RHFL, Jai Anmol Anil Ambani, and Ravindra Sharad Sudhakar, who is also a director at RHFL. The company had obtained a Rs 450 crore credit from the bank’s SCF branch in Mumbai, agreeing to maintain strict financial standards, which included timely repayments and proper fund allocation.

However, the company defaulted on payments, separating accounts as non-performing assets on September 30, 2019. A forensic audit by Grant Thornton revealed that funds were misallocated, deviating from intended uses and implicating the company in fraudulent financial practices.