The Central Bureau of Investigation (CBI) has registered separate cases against two Reliance Anil Dhirubhai Ambani (ADA) Group companies, Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), on charges of bank loan fraud. Among the accused in one case is his son, Jai Anmol Ambani.
On Tuesday, the agency conducted searches on the premises of Mr. Jai Anmol and other accused persons in Mumbai and Pune.
In the two cases, total alleged loan defaults involving all the lenders is worth ₹14,852 crore. One First Information Report is against RHFL, its promoters or directors, and unknown bank officials, based on a complaint from Union Bank of India, alleging criminal conspiracy, cheating, and criminal misconduct, and wrongful loss of ₹228.06 crore.
The bank had declared the account of RHFL a non performing asset (NPA) on September 30, 2019, and a fraud on October 10, 2024. The company had taken loans to the tune of ₹5,572.35 crore from 18 banks, financial institutions, and non banking financial companies (NBFCs), including Union Bank of India. “A thorough investigation will be conducted into the allegations of defrauding all the banks or FIs etc. by the accused company,” said the CBI.
Following a court permission, the agency searched two official premises of RHFL and the residential premises of its then director, Mr. Jai Anmol, and then chief executive officer and whole time director, Ravindra Sudhalkar, in Mumbai.
In this case, the bank had got a forensic audit report done. It indicated a “systematic diversion of borrowed funds”. “As per Forensic Audit report, it was noted that ₹12,573.06 crore were disbursed (by the company) to Potentially Indirectly Linked Entity (PILE)… it appears that around 86% of the corporate loans or GPCL (General Purpose Corporate Loan) (₹12,573.06 crores) were disbursed to PILE, some of which were further lent to PILE or related parties or group entities,” said the complaint, listing several other alleged irregularities.
The second case is against RCFL, the then directors Devang Pravin Mody and Ravindra Somayajula Rao, and unknown bank officials. As alleged, they cheated Bank of Maharashtra to the tune of ₹57.47 crore. The company’s loan account turned NPA in March 2020 and was declared a fraud on October 4, 2025.
RCFL had taken ₹9,280 crore in loans from 31 banks, financial institutions, NBFCs, corporate bodies, etc. The bank alleged that a forensic audit detected many irregularities. A key issue was that the company disbursed about 68% of the wholesale loans (₹11,218.58 crore) to PILE, some of which were further lent to PILE or related parties or group entities.
The agency searched the RCFL office in Mumbai and residential premises of Mr. Mody in Pune, following court permission.
In August, the CBI had registered a ₹2,929 crore “State Bank of India loan fraud” case against Reliance Communication Limited (RCom), its then director Anil D. Ambani, and others. According to the agency, the accused persons also indulged in potential routing of loan funds, inter company loan transactions, misuse of sales invoice financing, discounting of bills of RCom by Reliance Infratel Limited, movement of funds through inter corporate deposits, write off of capital advances given to Netizen Engineering Private Limited, a group company of Reliance ADA Group, and creation or write off of fictitious debtors, etc.
The complaint mentioned that the company had a total outstanding of ₹40,185.55 crore as per the migration information sheet dated May 29, 2018, with respect to the credit facilities extended by various banks and financial institutions.
It included ₹13,558.13 crore in the matter of Chinese lenders CDB, CEXIM, and ICBC; ₹6,933.10 crore towards GCX Bonds, RCom Bond, Standard Chartered Bank, VTB Capital PLC, Deutsche Bank, Doha Bank QSC, HSBC, Emirates NBD Bank PJSC Dubai, ICBC, and Ahli United Bank; and ₹19,694.33 crore in the case of 26 Indian lenders, also comprising SBI.
The Enforcement Directorate is also probing the alleged money laundering or Foreign Exchange Management Act violation angles and has made cumulative attachments of assets worth ₹10,117 crore related to the Group.
Published – December 09, 2025 08:54 pm IST
