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

The Central Bureau of Investigation (CBI) has filed a criminal case against Anil Ambani’s son, Jay Anmol Anil Ambani, along with former CEO and then full-time director of Reliance Housing finance, Ravindra Sudalkar, in a bank fraud case to the tune of Rs 228.06 crore.

A written complaint has been submitted to the CBI making allegations of cheating, criminal conspiracy and criminal misconduct by RHFL, Jay Anmol, Anil Ambani, Ravindra Sudalkar and unidentified others.

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

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

In a complaint filed with the RBI, Union Bank of India said that the promoters and directors of RHFL approached e-Andhra Bank, SCF’s Mumbai branch for financial facilities for which they provided financial statements and projections and “made the bank believe that with the said loan limit, the company’s business would grow”.

RHFL has availed credit lines to the tune of Rs 450 crore from the same erstwhile Andhra Bank (now Union Bank of India) branch in Mumbai to meet business needs, it added. It said it extended the loans relying on the offer 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 the forensic audit. The lenders then unanimously agreed, based on the report, that there was “a clear example of the systematic diversion of borrowed funds.” “The lenders considered that the forensic audit report clearly indicated that the borrowed funds were misdistributed and were considered a transfer of funds,” the complaint said.

“The accused persons as promoters/former directors of the borrowing company committed fraudulent misappropriation of funds through manipulation of accounts, criminal breach of trust and diversion/misappropriation of funds for purposes other than the purpose for which the finance was provided,” the complaint added.

The complaint added that Jai Anmol Anil Ambani and Ravindra Sharad Sudalkar were responsible for the day-to-day affairs and business decisions of the company in the relevant time period. It alleged that it is apparent that Ambani and Sudalkar entered into a criminal conspiracy with their accomplices with malicious intent to deceive lenders, including Union Bank, misused the loan fund and committed diversion and misappropriation of funds and criminal breach of trust.