CBI names Anil Ambani's son in ₹228cr banking fraud case
What's the story
The Central Bureau of Investigation(CBI) has filed a criminal case against Jai Anmol Anil Ambani, the son of businessman Anil Ambani. The case is linked to a banking fraud involving Reliance Housing Finance Limited (RHFL), as per India Today. According to PTI, the bank in question is Andhra Bank, which was merged with the Union Bank of India. The complaint also names RHFL, its former CEO and whole-time director Ravindra Sudhalkar, and unidentified public servants.
Fraud charges
Allegations of cheating and conspiracy
The complaint alleges cheating, criminal conspiracy, and criminal misconduct that led to a wrongful loss of ₹228.06 crore to Andhra Bank. The company had availed credit limits to the tune of ₹450 crore from the bank's SCF branch in Mumbai for business needs. It states that Jai Anmol, Sudhalkar, and others were involved in actions causing financial loss through irregularities in lending and repayment. The CBI has taken up the case under charges related to fraud and misuse of position.
Probe details
CBI's investigation process and next steps
Officials stated that a forensic examination of the accounts was carried out by Grant Thornton (GT), for a review period showed that borrowed funds were misapportioned and considered a diversion of funds. As part of the investigation, the CBI is expected to examine documents, loan accounts, and internal records of RHFL. Further questioning of company officials and bank personnel may follow as the probe progresses. The Anil Ambani group has not yet issued a detailed public statement on this matter.