The Central Bureau of Investigation (CBI) has registered separate instances in opposition to two Reliance Anil Dhirubhai Ambani (ADA) Group corporations, Reliance House Finance Restricted (RHFL) and Reliance Business Finance Restricted (RCFL), on fees of financial institution mortgage fraud. Among the many accused in a single case is his son, Jai Anmol Ambani.
On Tuesday, the company performed searches on the premises of Mr. Jai Anmol and different accused individuals in Mumbai and Pune.
Within the two instances, complete alleged mortgage defaults involving all of the lenders is value ₹14,852 crore. One First Data Report is in opposition to RHFL, its promoters or administrators, and unknown financial institution officers, based mostly on a criticism from Union Financial institution of India, alleging legal conspiracy, dishonest, and legal misconduct, and wrongful lack of ₹228.06 crore.
The financial institution had declared the account of RHFL a non performing asset (NPA) on September 30, 2019, and a fraud on October 10, 2024. The corporate had taken loans to the tune of ₹5,572.35 crore from 18 banks, monetary establishments, and non banking monetary corporations (NBFCs), together with Union Financial institution of India. “A radical investigation will probably be performed into the allegations of defrauding all of the banks or FIs and so on. by the accused firm,” mentioned the CBI.
Following a courtroom permission, the company searched two official premises of RHFL and the residential premises of its then director, Mr. Jai Anmol, after which chief government officer and entire time director, Ravindra Sudhalkar, in Mumbai.
On this case, the financial institution had acquired a forensic audit report carried out. It indicated a “systematic diversion of borrowed funds”. “As per Forensic Audit report, it was famous that ₹12,573.06 crore had been disbursed (by the corporate) to Probably Not directly Linked Entity (PILE)… it seems that round 86% of the company loans or GPCL (Common Goal Company Mortgage) (₹12,573.06 crores) had been disbursed to PILE, a few of which had been additional lent to PILE or associated events or group entities,” mentioned the criticism, itemizing a number of different alleged irregularities.
The second case is in opposition to RCFL, the then administrators Devang Pravin Mody and Ravindra Somayajula Rao, and unknown financial institution officers. As alleged, they cheated Financial institution of Maharashtra to the tune of ₹57.47 crore. The corporate’s mortgage account turned NPA in March 2020 and was declared a fraud on October 4, 2025.
RCFL had taken ₹9,280 crore in loans from 31 banks, monetary establishments, NBFCs, company our bodies, and so on. The financial institution alleged {that a} forensic audit detected many irregularities. A key subject was that the corporate disbursed about 68% of the wholesale loans (₹11,218.58 crore) to PILE, a few of which had been additional lent to PILE or associated events or group entities.
The company searched the RCFL workplace in Mumbai and residential premises of Mr. Mody in Pune, following courtroom permission.
In August, the CBI had registered a ₹2,929 crore “State Financial institution of India mortgage fraud” case in opposition to Reliance Communication Restricted (RCom), its then director Anil D. Ambani, and others. In accordance with the company, the accused individuals additionally indulged in potential routing of mortgage funds, inter firm mortgage transactions, misuse of gross sales bill financing, discounting of payments of RCom by Reliance Infratel Restricted, motion of funds by means of inter company deposits, write off of capital advances given to Netizen Engineering Non-public Restricted, a gaggle firm of Reliance ADA Group, and creation or write off of fictitious debtors, and so on.
The criticism talked about that the corporate had a complete excellent of ₹40,185.55 crore as per the migration info sheet dated Might 29, 2018, with respect to the credit score amenities prolonged by numerous banks and monetary establishments.
It included ₹13,558.13 crore within the matter of Chinese language lenders CDB, CEXIM, and ICBC; ₹6,933.10 crore in direction of GCX Bonds, RCom Bond, Normal Chartered Financial institution, VTB Capital PLC, Deutsche Financial institution, Doha Financial institution QSC, HSBC, Emirates NBD Financial institution PJSC Dubai, ICBC, and Ahli United Financial institution; and ₹19,694.33 crore within the case of 26 Indian lenders, additionally comprising SBI.
The Enforcement Directorate can also be probing the alleged cash laundering or Overseas Trade Administration Act violation angles and has made cumulative attachments of belongings value ₹10,117 crore associated to the Group.
Printed – December 09, 2025 02:59 pm IST
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