New Delhi, March 13: The Central Bureau of Investigation (CBI) has intensified its investigation into a bank fraud case involving ₹228 crore against Reliance Home Finance Limited (RHFL). This case is linked to Jai Anmol Ambani, the son of industrialist Anil Ambani.
The CBI registered the case on December 6, 2025, following a complaint from the Union Bank of India. Allegations suggest that RHFL, along with its promoters-directors, former CEO Ravindra Sudhakar, and several unidentified bank officials, conspired to commit fraud, resulting in a loss of ₹228.06 crore to Union Bank (formerly Andhra Bank). The company’s account was declared a non-performing asset (NPA) on September 30, 2019, and was labeled as fraudulent on October 10, 2024.
RHFL had borrowed a total of ₹5,572.35 crore from 18 banks, financial institutions, and non-banking financial companies (NBFCs), including Union Bank. The investigation has uncovered evidence of misappropriation and diversion of funds.
Following the case registration, the CBI conducted raids on December 9, 2025, at two offices of the company in Mumbai, as well as at Jai Anmol Ambani’s residence and Ravindra Sudhakar’s home. During these raids, several important and suspicious documents were seized.
In connection with the ongoing investigation, the CBI summoned Jai Anmol Ambani to its headquarters in New Delhi for questioning. He appeared before the investigating officer on Friday and was interrogated for approximately six and a half hours. The officer has instructed him to return for further questioning tomorrow.
This case is part of broader allegations of significant loan defaults and fraud involving companies within the Reliance ADA Group. The CBI is conducting a thorough investigation into the fraud allegations associated with all banks involved. Future actions will depend on the outcomes of the investigation.
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