New Delhi, December 9: The Central Bureau of Investigation (CBI) has registered a criminal case against Jai Anmol Ambani, son of industrialist Anil Ambani, and Reliance Home Finance Ltd. (RHFL) in a case of alleged cheating in Union Bank of India that caused a loss of Rs 228 crore to the public bank, said an official release on Tuesday.

According to the release, the CBI has registered a criminal case against Reliance Home Finance Ltd (RHFL), a company of Reliance ADA Group, its promoters/Directors and unknown bank officials, on the basis of a complaint of Union Bank of India on the allegations of criminal conspiracy, cheating and criminal misconduct and thereby causing wrongful loss of Rs 228.06 crores to Union Bank of India (erstwhile Andhra Bank).

The account of RHFL was declared non-performing asset (NPA) on September 30, 2019 and as fraud on October 10 2024 by the Union Bank of India for causing wrongful loss of Rs 228.06 crores to the Union Bank of India.

The RHFL was availing loans to the tune of Rs 5572.35 crore from 18 Banks/FIs/ NBFCs/Corporate Bodies etc., including Union Bank of India. A thorough investigation will be conducted into the allegations of defrauding all the banks/FIs etc. by the accused company.

CBI obtained search warrants from the court of Special Judge for CBI, Mumbai and has commenced searches at two official premises of Reliance Home Finance Ltd., residential premises of Jai Anmol Ambani, son of Anil Ambani, the then Director of Reliance Home Finance Ltd and residential premises of Ravindra Sudhalkar, former CEO and Whole Time Director of RHFL, all at Mumbai on December 9.

Several incriminating documents have been observed and are being taken into possession during searches. Searches are in progress.