Jai Anmol Ambani
| Photo Credit:
PAUL NORONHA
After a series of corruption cases involving industrialist Anil Ambani, the CBI has now turned its focus on his son, Jai Anmol Ambani, in an alleged bank fraud case. The agency conducted searches at his Mumbai residence on Tuesday after registering an FIR against him and Reliance Home Finance Ltd (RHFL) for reportedly cheating Union Bank of India of ₹228 crore, officials said.
According to officials, the bank has accused RHFL, its then director Jai Anmol Ambani, and former CEO Ravindra Sharad Sudhakar of defaulting on credit facilities extended by the bank, which eventually led the account to be classified as a non-performing asset (NPA) in 2019. The Ambani family has not issued any response so far.
In a statement, the CBI said it secured search warrants from the Special Judge for CBI cases in Mumbai and launched searches at two official premises of RHFL as well as the residences of Jai Anmol Ambani and Ravindra Sudhalkar.
“Searches were conducted on December 9 at the official premises of Reliance Home Finance Ltd., the residence of Jai Anmol Ambani, and the residence of former CEO Ravindra Sudhalkar, all in Mumbai,” the CBI spokesperson said.
CBI teams visited the seventh floor of Sea Wind building in Cuffe Parade — where Anil Ambani resides — and seized several “incriminating documents,” officials added.
The complaint states that RHFL had borrowed a total of ₹5,572.35 crore from 18 banks, financial institutions, NBFCs and corporate bodies, including Union Bank of India. Of this, Andhra Bank had sanctioned credit worth ₹450 crore from its SCF branch in Mumbai to meet the company’s business requirements.
The bank had stipulated strict conditions for maintaining financial discipline, including regular repayment of dues, servicing of interest, timely submission of security-related documents and routing all sale proceeds through the bank account.
However, officials said RHFL failed to meet repayment obligations, resulting in the account being declared an NPA on September 30, 2019.
Published on December 9, 2025
