CBI Raids Anil Ambani's Son in Union Bank Fraud Probe

The CBI conducted searches at Jai Anmol Anil Ambani's residence following an FIR against him and Reliance Home Finance Ltd. for allegedly defrauding Union Bank of India of Rs 228 crore. The allegations involve failing to repay loans, misappropriation of funds, and diversion for unauthorized purposes.

The Central Bureau of Investigation (CBI) carried out searches at the residence of Jai Anmol Anil Ambani, the son of a renowned industrialist Anil Ambani, after filing a First Information Report (FIR) against him and Reliance Home Finance Ltd. (RHFL). They are accused of allegedly defrauding the Union Bank of India of Rs 228 crore.

The CBI's actions stemmed from a complaint filed by the bank, previously known as Andhra Bank, alleging that Reliance Home Finance Ltd., along with its then-director Jai Anmol and ex-CEO Ravindra Sharad Sudhakar, failed to repay credit obtained from the bank, leading to the account becoming a non-performing asset back in 2019.

The CBI, backed by search warrants from the Special Judge for CBI in Mumbai, executed searches at Reliance Home Finance Ltd.'s official and various residential premises, seizing several incriminating documents. Allegations against RHFL also include misappropriation of funds, resulting in the misdirection of borrowed money for unauthorized uses according to a forensic examination.

(With inputs from agencies.)