The Central Bureau of Investigation has registered a case in opposition to industrialist Anil Ambani’s son, Jai Anmol Anil Ambani, and Reliance House Finance (RHFL) for allegedly dishonest Union Financial institution of India to the tune of Rs 228 crore, officers mentioned on Tuesday.
The motion follows a grievance filed by the financial institution, previously Andhra Financial institution, accusing RHFL, its director Jai Anmol Ambani, and co-director Ravindra Sharad Sudhakar of monetary misconduct. In line with the grievance, the corporate had secured credit score limits of Rs 450 crore from the financial institution’s SCF department in Mumbai for enterprise functions, topic to situations akin to well timed reimbursement, curiosity servicing, adherence to monetary self-discipline and routing all sale proceeds via the financial institution.
Nonetheless, RHFL allegedly defaulted on repayments, resulting in the account being categorized as a non-performing asset (NPA) on 30 September 2019.
A forensic audit by Grant Thornton, overlaying the interval from 1 April 2016 to 30 June 2019, revealed important diversion of funds. The report said that borrowed cash had been misapportioned and used for functions aside from these for which the mortgage was sanctioned.
Union Financial institution alleged that the accused, of their capability as former promoters and administrators of RHFL, fraudulently misappropriated funds, manipulated accounts, breached belief and siphoned off cash in violation of banking norms.
The CBI has registered the FIR and initiated an investigation into the alleged monetary irregularities.
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