CBI Cracks Down: Ambani Group Under Fire for Bank Fraud

The CBI has registered FIRs against Anil Dhirubhai Ambani group companies for alleged bank fraud. Jai Anmol Ambani is named in one case involving loan defaults. Searches were conducted at multiple locations, with a forensic audit revealing significant fund diversion during the review period.

The Central Bureau of Investigation (CBI) has intensified its crackdown on the Anil Dhirubhai Ambani group, registering two First Information Reports (FIRs) against Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. These cases revolve around alleged bank fraud, bringing Jai Anmol Anil Ambani under the spotlight for purported loan defaults worth Rs 14,852 crore.

Jai Anmol Ambani, the son of industrialist Anil Ambani, and former CEO Ravindra Sharad Sudhakar are named in connection with alleged cheating of Rs 228 crore from the Union Bank of India. Separately, Reliance Commercial Finance Ltd. and its former directors face allegations of defrauding the Bank of Maharashtra of Rs 57 crore. The CBI conducted searches in Pune and Mumbai related to these cases.

A forensic audit revealed extensive fund diversion, with 48% of loans disbursed by RHFL during the review going to corporate loans. Investigations suggest a criminal conspiracy to cheat banks, utilising loan funds for unintended purposes. The CBI investigation, initiated from a complaint by the erstwhile Andhra Bank, continues with focus on unraveling financial misapplications.

(With inputs from agencies.)