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 at the premises of Mr. Jai Anmol and other accused persons in Mumbai and Pune.
In these two cases, the total alleged loan default involving all lenders is worth ₹14,852 crore. One First Information Report is against RHFL, its promoters or directors and unknown bank officials on a complaint by Union Bank of India alleging criminal conspiracy, cheating and criminal misconduct and wrongful loss of ₹228.06 crore.
The bank declared the RHFL account a non-performing asset (NPA) on 30 September 2019 and a fraud on 10 October 2024. The company has taken loans of ₹5,572.35 crore from 18 banks, financial institutions and non-banking finance companies (NBFCs), including Union Bank of India. “A thorough investigation will be conducted into the allegations of cheating any bank or financial institution etc. by the accused company,” the CBI said.
Acting on a court warrant, the agency searched two official premises of RHFL and the residential premises of its then Director Mr. Jai Anmol and then Managing Director and CEO Ravindra Sudhalkar in Mumbai.
In this case, the bank commissioned a forensic audit report. It indicated “systematic diversion of borrowed funds”. “According to the forensic audit report, it was noted that ₹12,573.06 crore was disbursed (by the company) to a potentially indirectly related entity (PILE)… it appears that approximately 86% of corporate loans or GPCL (General Corporate Loan) (₹12,573.06) were further disbursed on PILE 06 to PILE or related parties or group entities,” it said complaint and lists several other alleged irregularities.
The second case is against RCFL, then directors Devang Pravin Mody and Ravindra Somayajula Rao and unidentified bank officials. They were alleged to have defrauded the Bank of Maharashtra to the tune of ₹57.47 crore. The company’s credit account turned NPA in March 2020 and was declared fraudulent on 4 October 2025.
RCFL had taken ₹9,280 crore in loans from 31 banks, financial institutions, NBFCs, corporates etc. The bank claimed that a forensic audit had revealed many irregularities. The key issue was that the company disbursed approximately 68% of the wholesale loans (₹11,218.58 crore) to PILE, some of which were on-lent to PILE or related parties or group entities.
The agency searched the RCFL office in Mumbai and Mr. Mody’s residential premises in Pune after obtaining court permission.
In August, the CBI registered a case of “State Bank of India loan fraud” worth ₹2,929 crore against Reliance Communication Limited (RCom), its then director Anil D. Ambani and others. According to the agency, the accused persons further indulged in potential routing of credit funds, inter-company credit transactions, misuse of sales invoice financing, discounting of RCom bills by Reliance Infratel Limited, movement of funds through inter-company deposits, write-off of advances given to Netizen Engineering Private Limited, a Reliance ADA Group company, and creation or write-off of fictitious debtors.
The complaint stated that as per the migration fact sheet dated 29 May 2018, the company has a total outstanding amount of ₹ 40,185.55 crore in respect of credit facilities provided by various banks and financial institutions.
It included ₹13,558.13 crore in the case of Chinese lenders CDB, CEXIM and ICBC; ₹ 6,933.10 crore on bonds of GCX, 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, including SBI.
The Enforcement Directorate is also investigating angles of alleged money laundering or violations of the Foreign Exchange Management Act and has made cumulative seizures of assets worth ₹10,117 crore related to the Group.
Published – 09 Dec 2025 20:54 IST
