The CBI has filed a criminal case against Jai Anmol Ambani and Reliance Home Finance Ltd. (RHFL), claiming that the company defrauded Union Bank of India of ₹228.06 crore by misusing loan funds and moving money around. The FIR also names Ravindra Sharad Sudhalkar, the former CEO and Whole-Time Director of RHFL, as well as other associates, including public servants whose names are not known.
The case started when Union Bank (formerly Andhra Bank) filed a complaint against RHFL and its directors, saying they didn’t pay back loans, used borrowed money for things other than what they were supposed to, and set up a fake scheme to steal money from the bank.
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What the Allegations Say—Key Details from the CBI Complaint
Loan: Amount and Conditions
RHFL had borrowed about ₹450 crore from the SCF (Supply Chain Financing) branch of Union Bank in Mumbai. The bank’s approval came with conditions. The borrower had to pay back the installments and interest on time, provide the necessary paperwork and security, and send all of the sale proceeds through the bank account.
The complaint says that RHFL didn’t service the loan according to the terms, which meant that interest, installments, and security documentation weren’t submitted. This led to the account being declared a Non-Performing Asset (NPA) on September 30, 2019.
Forensic Audit Findings: Diversion and Mis-apportionment
After the account was classified as NPA, the lenders ordered a forensic audit for the time period from April 1, 2016, to June 30, 2019. Grant Thornton, an audit firm, found that there was a “clear instance of systematic diversion” of borrowed funds. This means the borrowed money was diverted to other entities instead of being used for its intended purpose.
The bank said that the money was “siphoned off,” misused, and not properly accounted for based on these results. The complaint also says that the accused (including Jai Anmol and Sudhalkar) changed account information and broke the law by stealing money, breaking trust, and plotting a crime.
The FIR and CBI’s Action on Jai Anmol Ambani
The CBI got the bank’s complaint on December 6, 2025. On 9 December 2025, the CBI registered a First Information Report (FIR) under appropriate sections of the Indian Penal Code (IPC) and relevant anti-corruption/financial crime statutes.
The Special CBI Court in Mumbai gave CBI search warrants on the same day. There were searches at two official RHFL offices, Jai Anmol Ambani’s home, and Ravindra Sudhalkar’s home in Mumbai. Several documents that were said to be incriminating were taken to look into the matter more.
The CBI release says that the fraudulent activities may have happened with the help of unknown accomplices and possibly even public servants, which suggests a larger network.
Timeline—From Loan Sanction to CBI FIR
| Year/Date | Event/Milestone |
| 2008 (June 5) | RHFL incorporated. |
| 2017 (Sept 22) | RHFL is listed on exchanges (NSE, BSE). |
| 2015 (Feb–May) | Union Bank provides RHFL credit limits of about ₹450 crore. |
| 2016–2019 (April–June) | The forensic audit covers the time period during which the alleged theft of funds occurred, specifically from 2016 to 2019 (April to June). |
| 2019 (Sept 30) | Union Bank classifies RHFL’s account as NPA because it doesn’t pay back. |
| 2020 (May 6) | Grant Thornton did a forensic audit and sent it in. |
| 2023 (March 29) | A third-party investor bought RHFL as part of a debt-resolution plan. (As per the previous resolution process.) |
| 2024 (Oct 10) | On October 16, Union Bank officially called RHFL and its promoters frauds and told the RBI about it. |
| 2025 (Nov 13) | Union Bank makes a complaint to the CBI. |
| 2025 (Dec 6) | CBI registers FIR. |
| 2025 (Dec 9) | CBI starts searching the homes and offices of the accused at RHFL. |
What This Means—Legal & Financial Implications
The CBI’s decision to book Jai Anmol Ambani and RHFL shows that they are looking into the former companies of the Reliance ADA Group (ADAG) more closely than ever before. The bank’s loss of ₹228.06 crore (according to the complaint) shows how serious the alleged fund diversion and financial wrongdoing are.
If the accused is found guilty, they could face serious charges like cheating, criminal breach of trust, misappropriation of funds, criminal conspiracy, and maybe even breaking anti-corruption laws.
The case also makes us think about bigger issues like how companies are run, how banks keep an eye on their own operations, and how careful they are when they give out big loans to big borrowers. The fact that funds seem to have been moved—reportedly through several companies—could lead regulators and lenders to look again at lending and auditing rules, especially for companies that are having trouble paying their bills.
Also, the exposure of RHFL, which used to be part of a well-known conglomerate, may make investors and creditors more cautious when dealing with NBFCs and finance companies that have old, stressed assets.
Response and Wider Context
There has been no public response from Jai Anmol Ambani or a RHFL spokesperson to the accusations so far. According to sources in the CBI, the investigation is already underway and will involve a thorough examination of seized documents, account flows, emails, and internal records.
This case is not unique. The CBI says that separate FIRs have also been filed against Reliance Commercial Finance Ltd. (RCFL), another former ADA-group lending company, after the Bank of Maharashtra accused them of a ₹57.47 crore fraud.
It is said that investigative agencies and banks are now looking into several group companies, with possible loan defaults and irregularities totaling thousands of crores.
Given the ongoing investigations, this is a very important time for ADAG’s legacy businesses. It also shows how hard it is for regulators and the courts to deal with big corporate loan frauds in India, especially when there are a lot of companies, complicated money flows, and shell companies involved.
What’s Next—What to Watch
- Further Investigations: The CBI’s searches have found a number of documents, but investigators still need to look through internal accounts, emails, transaction flows, and audit trails to get the whole story. If there is enough evidence, charges will follow.
- Possible Expandable Scope: The investigation could get bigger because the complaint mentions “unknown associates and public servants.” This could mean that more people or organizations are involved.
- Regulatory Fallout: Lenders may make credit, due diligence, and monitoring rules stricter, especially for NBFCs and finance companies with stressed assets.
- Repercussions for Stakeholders: Investors, creditors, and depositors who are connected to RHFL and its subsidiaries may not know what will happen next. The financial markets may react to the news as it comes out.
Legal/Judicial Process: The accused will have a chance to defend themselves. If they are found guilty, the courts will have to decide on criminal charges and possibly asset attachment or recovery proceedings.
The Human and Corporate Face
For a long time, RHFL was part of the well-known Reliance ADA Group, which was linked to business tycoon Anil Ambani. Over time, the group’s telecom and infrastructure businesses failed or were reorganized. RHFL and other companies like it were all that was left of its plans to provide financial services.
Naming Jai Anmol Ambani, a member of the Ambani family, in a criminal case is both a symbolic and a real blow. It shows that directors and promoters are still responsible under the law when money is allegedly misused, no matter what their background is.
India’s banking and non-banking financial companies (NBFCs) are under a lot of stress right now because of bad loans, bad assets, and corporate fraud. If this case leads to convictions and changes to the system, it could be a major turning point.
Conclusion: A Cautionary Tale for Credit, Governance & Accountability
The FIR against Jai Anmol Ambani and RHFL for a ₹228.06 crore fraud shows how risky it is to lend money to businesses and groups of companies in India. Investigators say that what looks like a business loan on paper can actually become a complicated web of misdirected money, fake companies, and breaking the law.
As the CBI’s investigation goes on, looking at documents, bank transactions, corporate records, and links between companies and groups, the results could have big effects on the whole credit ecosystem, not just on the people named. These effects could include less institutional transparency and less investor confidence.
This case teaches all stakeholders—banks, regulators, investors, and borrowers—one important lesson: governance, accountability, and timely repayment are non-negotiable. Ignoring them can lead to criminal charges, damage to reputation, and systemic risk.
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