Delhi High Court Quashes Fraudulent Bank Account Declaration Against Anmol Ambani

The Delhi High Court has nullified the Union Bank of India's decision to label Anil Ambani's son, Jai Anmol Ambani's company account as fraudulent, citing lack of proper notice. The court directed the bank to issue a fresh show cause notice with all relevant documents provided to Anmol.

The Delhi High Court overturned the Union Bank of India's declaration of fraud against a company owned by Jai Anmol Ambani, Anil Ambani's son. The court ruled that adequate notice was not provided.

Justice Jyoti Singh noted the absence of a proper show cause notice, deeming the initial fraud classification invalid. The court instructed the bank to send a new notice.

This case pertains to an alleged Rs 228 crore fraud involving Anmol and Reliance Home Finance Ltd, previously classified as a non-performing asset in 2019.

(With inputs from agencies.)