CBI Questions Jai Anmol Ambani for 6.5 Hours in ₹228 Crore Bank Fraud Case

The Central Bureau of Investigation (CBI) on Friday questioned Jai Anmol Ambani, the son of businessman Anil Ambani, for nearly six and a half hours in connection with an alleged ₹228 crore bank fraud case involving Reliance Home Finance Ltd.

According to officials, Jai Anmol Ambani appeared before the investigating officer at the CBI headquarters in New Delhi after being summoned as part of the ongoing probe. The questioning lasted for approximately 6.5 hours as investigators sought clarification on financial transactions and loan-related matters linked to the company.

Union Bank Complaint Led to CBI Case

The case was registered by the CBI on December 6, 2025, following a complaint filed by Union Bank of India. The complaint accused Reliance Home Finance Ltd., Jai Anmol Ambani, former CEO and whole-time director Ravindra Sudhalkar, and unidentified public servants of criminal misconduct, cheating, and conspiracy.

According to the bank’s complaint, the alleged actions resulted in a wrongful loss of ₹228.06 crore to the bank, which was previously known as Andhra Bank before its merger with Union Bank of India.

Loans of Over ₹5,500 Crore from Multiple Banks

Investigators revealed that Reliance Home Finance Ltd., a company belonging to the Reliance ADA Group, had taken loans amounting to approximately ₹5,572.35 crore from around 18 banks, financial institutions, non-banking financial companies (NBFCs), and other corporate entities, including Union Bank of India.

Authorities are examining how the funds were utilized and whether any irregularities or fraudulent practices were involved in obtaining or managing the loans.

Loan Account Later Classified as Fraud

According to investigators, the loan account of Reliance Home Finance Ltd. was first declared a non-performing asset (NPA) on September 30, 2019, after the company failed to meet its repayment obligations.

Subsequently, Union Bank of India classified the account as fraud on October 10, 2024, after conducting a detailed review of the financial transactions and loan documentation.

Earlier CBI Searches in Mumbai

As part of the investigation, the CBI carried out searches on December 9, 2025, at two official premises of Reliance Home Finance Ltd. as well as the Mumbai residences of Jai Anmol Ambani and former CEO Ravindra Sudhalkar.

The searches were conducted after obtaining warrants from a special CBI court. According to officials, investigators seized several documents and records during the raids that are believed to be significant to the ongoing probe.

The investigation into the alleged bank fraud is still underway, with authorities continuing to examine financial records, company transactions, and the roles of various individuals connected to the case.