Winning Bizness Desk
Mumbai.The CBI has filed a criminal case against Jai Anmol Ambani, elder son of Anil Ambani, in a bank fraud probe linked to Reliance Home Finance and Reliance Commercial Finance. The case alleges that loans taken from Union Bank of India were diverted in violation of lending conditions, causing financial loss to the bank. This is the first instance in which Anmol has been directly named as an accused in a major criminal investigation.
Role of Anmol Ambani in loan diversion
At the time the loans were issued and diverted, Jai Anmol Ambani was serving as Executive Director of Reliance Home Finance. Investigators say he, along with other directors, provided misleading information to Union Bank and breached loan covenants. According to the complaint, Reliance Home Finance and Reliance Commercial Finance secured general purpose corporate loans but channelled the funds elsewhere, leading to a loss of Rs 228.06 crore for the lender.
CBI has booked Reliance Home Finance, Reliance Commercial Finance, Anmol Ambani and other unidentified individuals under IPC sections related to criminal conspiracy and cheating, as well as provisions of the Prevention of Corruption Act. The FIR stems from a formal complaint filed by Union Bank.
Wider fraud allegations against ADA Group
The Anil Ambani-led ADA Group has faced several other major fraud allegations from multiple banks. Over the past few years, investigations have expanded across agencies and financial institutions. Some key developments include:
- SBI declaring Reliance Communications and Anil Ambani as fraud entities in a default case exceeding Rs 40,000 crore
- Yes Bank, Bank of India, Central Bank and PNB flagging separate fraud concerns
- SEBI banning Anil Ambani and 24 others from the securities market for five years over diversion of more than Rs 5,000 crore from RHFL
- ED questioning Anil Ambani multiple times in 2025 over suspected loan fraud worth Rs 17,000 crore
Mounting trouble for Anil Ambani’s companies
Many businesses in the Anil Ambani group have suffered financial distress in recent years. Reliance Communications has already undergone bankruptcy proceedings, while Reliance Capital and Reliance Infrastructure are before the NCLT. Reliance Home Finance also faced regulatory scrutiny, and RBI imposed penalties after a special audit in 2022.
Growing list of assets seized by ED
The Enforcement Directorate has been intensifying its actions in the past few months. Recently, the agency attached properties worth Rs 1,120 crore linked to Anil Ambani’s companies. A week earlier, it had attached assets valued at around Rs 1,400 crore. In total, properties worth Rs 10,117 crore associated with the group have been seized across various investigations. The agency also attached the Ambani family’s Pali Hill residence, a 16,000-square-foot property.
Latest charge sheet in related case
In a separate development, the ED has filed a charge sheet against Reliance Power and ten individuals over an alleged fake bank guarantee worth Rs 68 crore. The case from 2024 was presented before a Delhi court and is connected to suspected financial irregularities within group entities.
- The new ED attachment orders underline expanded scrutiny of the entire ADA Group
- Multiple cases by CBI, ED and SEBI point to a broader pattern of alleged fund diversion and misreporting
- The investigations are expected to widen, with more bank transactions and former executives under review
