CBI Intensifies Probe into Rs 228 Crore RHFL Fraud
The Central Bureau of Investigation (CBI) has questioned Jai Anmol Ambani, son of industrialist Anil Ambani, for a second consecutive day in connection with an alleged Rs 228.06 crore bank fraud involving Reliance Home Finance Limited (RHFL). This development marks a significant escalation in the probe into financial irregularities at the Reliance Anil Dhirubhai Ambani Group (ADAG) company. Jai Anmol, a former director at RHFL, appeared at the CBI headquarters in Delhi on March 13, 2026, following an initial six-and-a-half-hour interrogation the previous day.
Case Origins and FIR Details
The CBI registered the First Information Report (FIR) on December 6, 2025, based on a complaint from Union Bank of India (formerly Andhra Bank). The complaint accuses RHFL, its promoters/directors including Jai Anmol Ambani and former CEO Ravindra Sudhalkar, along with unknown public servants, of criminal conspiracy, cheating, and misconduct. These actions allegedly caused a wrongful loss of Rs 228.06 crore to the bank through fund diversion and account manipulation.
RHFL had availed credit limits of Rs 450 crore from the bank’s SCF branch in Mumbai for business purposes, with conditions for timely repayments and routing sale proceeds through designated accounts. However, defaults led to the account being classified as a Non-Performing Asset (NPA) on September 30, 2019, and officially labeled a “fraud” account on October 10, 2024, following a forensic audit by Grant Thornton. The audit, covering April 2016 to June 2019, revealed misappropriation and diversion of borrowed funds for unauthorized uses.
Broader Loan Exposure and Allegations
The fraud extends beyond Union Bank, with RHFL owing Rs 5,572.35 crore to a consortium of 18 banks, financial institutions (FIs), non-banking financial companies (NBFCs), and corporate bodies. CBI is investigating claims that the company defrauded multiple lenders through similar manipulations. Key allegations include failure to submit security documents, non-servicing of interest, and siphoning funds, breaching trust and financial discipline norms.
No official statements have been issued by RHFL, Jai Anmol Ambani, or the Ambani family regarding the interrogations. CBI officials confirmed the second-day questioning lasted nearly five hours but did not disclose specifics discussed.
CBI Searches and Evidence Recovery
On December 9, 2025, CBI executed search warrants from a Special CBI Court in Mumbai at two RHFL office premises and residences of Jai Anmol Ambani and Ravindra Sudhalkar. Incriminating documents related to loan accounts, fund flows, and diversions were seized, bolstering the ongoing investigation. These raids followed the FIR and aimed to uncover evidence of conspiracy involving company insiders and possibly bank officials.
Key Accused Profiles
Jai Anmol Anil Ambani, eldest son of Anil Ambani, served as a director at RHFL during the period under scrutiny. Ravindra Sudhalkar, ex-CEO and whole-time director, is also named, with both accused of orchestrating the fraud. RHFL, part of the debt-laden ADAG, has faced multiple regulatory actions amid its financial distress.
Regulatory and Historical Context
RHFL’s troubles echo broader challenges in the NBFC sector post-2018 IL&FS crisis, where evergreening loans and asset inflation were rampant. The company’s NPA declaration in 2019 triggered RBI-mandated forensic probes, leading to the fraud tag. This case underscores intensified scrutiny on high-profile corporate defaults, with CBI probing over 30 similar bank frauds involving Rs 2 lakh crore since 2024.