CBI Charges Anil Ambani's Son and Reliance Home Finance in ₹228 Crore Bank Fraud Case

As per PTI report, The Central Bureau of Investigation (CBI) has initiated an investigation into Jai Anmol Anil Ambani and Reliance Home Finance Ltd. (RHFL) concerning an alleged ₹228 crore fraud with Union Bank of India, previously known as Andhra Bank. 

Details of the Alleged Fraud 

The case revolves around RHFL availing credit limits amounting to ₹450 crore from the bank's SCF branch in Mumbai. The funds were intended for business purposes, with conditions set for maintaining financial discipline, including timely repayment and submission of necessary documents. 

However, the company reportedly failed to adhere to these conditions, leading to the account being classified as a non-performing asset (NPA) on September 30, 2019. A forensic examination by Grant Thornton revealed misappropriation and diversion of funds. 

Role of Jai Anmol Ambani and Others 

Jai Anmol Anil Ambani, along with Ravindra Sharad Sudhakar, both directors of RHFL, have been accused of fraudulent misappropriation of funds. The bank alleges that the funds were manipulated and diverted for purposes other than those for which they were intended. 

Read More: ED Attaches ₹1,120 Crore in New Assets Linked to Anil Ambani Firms under PMLA! 

Conclusion 

The CBI's investigation into the alleged ₹228 crore fraud involving Reliance Home Finance and Jai Anmol Ambani underscores the seriousness of financial misconduct. The findings of the forensic examination point towards significant misappropriation of funds, raising concerns about corporate governance and accountability. 

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