The CBI has booked Anil Ambani’s son Jai Anmol Ambani and Reliance Residence Finance Ltd in a ₹228-crore financial institution fraud case following a Union Financial institution of India grievance alleging fund diversion and breach of belief.
New Delhi: The Central Bureau of Investigation (CBI) on Tuesday registered a felony case towards Jai Anmol Anil Ambani, his agency Reliance Residence Finance Ltd (RHFL), and former RHFL director Ravindra Sharad Sudhakar.
The motion follows a grievance by Union Financial institution of India (previously Andhra Financial institution), alleging wrongful loss amounting to ₹228 crore.
In accordance with the financial institution, RHFL had availed credit score services totalling ₹450 crore from its SCF department in Mumbai. The mortgage settlement mandated well timed compensation, servicing of curiosity, submission of safety documentation, and routing of sale proceeds by means of the financial institution.
Nonetheless, RHFL allegedly did not repay the dues, and the account was tagged as a non-performing asset (NPA) on September 30, 2019.
A forensic audit performed by Grant Thornton overlaying April 2016 to June 2019 reportedly discovered important misappropriation of the borrowed funds.
The financial institution has accused the corporate and its administrators of “fraudulent misappropriation,” diversion of funds, and felony breach of belief — claiming that the cash was siphoned off for functions apart from these for which the mortgage was sanctioned.
That is the primary time CBI has formally filed a felony case towards Jai Anmol. The event comes amid a broader crackdown on alleged fund diversion and mortgage irregularities throughout a number of firms related to the Reliance Anil Dhirubhai Ambani Group (ADAG).
In latest months, a number of mortgage accounts underneath ADAG have been flagged as “fraudulent” by banks, and enforcement businesses have launched a number of investigations.
RHFL — as soon as a outstanding title in housing finance — now faces mounting authorized and monetary troubles. The end result of this case might deepen scrutiny on the group’s previous lending practices and probably set off recent actions from regulators and enforcement businesses.
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