Anil Ambani’s son Jai Anmol named by CBI in Rs 228-crore banking fraud

Central Bureau of Investigation (CBI) has filed a criminal case against Anil Ambani’s son, Jai Anmol Anil Ambani, along with ex-CEO and then whole-time director of Reliance Housing Finance, Ravindra Sudhalkar, in a case of banking fraud to the tune of Rs 228.06 crore.

A written complaint was submitted to CBI with allegations of cheating, criminal conspiracy, criminal misconduct by RHFL, Jai Anmol Anil Ambani, Ravindra Sudhalkar, and unknown others.

This is the first time a criminal case has been filed against Jai Anmol Anil Ambani.

CBI is expected to examine documents, loan accounts and internal records of RHFL as part of the investigations. The agency would also conduct further questioning of company officials and bank personnel.

In a complaint to the CBI, Union Bank of India stated that the promoters and director of RHFL approached its e-Andhra Bank, SCF Branch in Mumbai for financial facilities for which it presented financials and projections and “caused the bank to believe that with the said loan limit the business of the company would grow”

It added that RHFL availed credit limits to the tune of Rs 450 crore from the same branch of erstwhile Andhra Bank (now Union Bank of India) in Mumbai for business needs. It said it extended the loans relying on the presentation made by RHFL. However, RHFL failed to pay the installments and the said account was classified as NPA in September, 2019.

Grant Thornton was appointed to conduct a forensic audit. The lenders then unanimously agreed, upon the report, that there was a “clear instance of systematic diversion of borrowed funds”. “Lenders were of the view that the forensic audit report clearly indicates that borrowed funds were malapportioned and considered as diversion of funds,” the complaint stated.

“That the accused persons in their capacity of erstwhile promoters /directors of the borrower Company committed fraudulent misappropriation of funds through manipulation of accounts and criminal breach of trust and diverted/siphoned off the funds for the purposes other than the purpose for which finance was extended,” the complaint added.

The complaint added that Jai Anmol Anil Ambani and Ravindra Sharad Sudhalkar were in-charge of and responsible for the day-to-day affairs and business decisions of the company at the relevant period of time. It alleged that it is clear that Ambani and Sudhalkar entered into a criminal conspiracy with their associates and with the maIa-fide intention to cheat the lenders, including Union Bank, misutilised the loan fund and committed diversion and misappropriation of funds, and criminal breach of trust.