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.
