The Central Bureau of Investigation has opened a major probe into alleged large-scale financial irregularities at Reliance Home Finance Ltd., naming former director Jai Anmol Ambani and ex-CEO Ravindra Sudhalkar in a criminal case linked to a ₹228.06-crore loss suffered by Union Bank of India. Investigators say the alleged fraud dates back to loan sanctions between 2015 and 2019, during which the company drew multiple credit facilities and debenture subscriptions from the bank and a wider consortium.
The agency has initiated searches across Mumbai, including at the corporate offices of Reliance Home Finance and the residences of senior former officials. Early findings point to suspected diversion of funds and violations in the management of loan securities, prompting a broader examination of all lenders exposed to the company amounting to more than ₹5,500 crore across 18 financial institutions. Officials involved in the investigation indicate that documentation recovered during the raids will form the backbone of the next phase of forensic scrutiny.
Investigators are also looking into how the company&rsquo;s loan accounts, initially declared non-performing in 2019, eventually came to be classified as fraudulent in 2024. The probe aims to determine whether internal mechanisms failed to prevent irregularities or whether there was a deliberate attempt to obscure the financial trail. The alleged misconduct, according to officials, occurred during a period when the wider Reliance Group was already under pressure over outstanding borrowings and restructuring challenges.
With the FIR now registered, the CBI is expected to question former executives, consortium banks and officials responsible for credit approvals. The case could expand significantly if evidence points to coordinated fund diversion across institutions. For now, the agency maintains that its priority is establishing the chain of responsibility and recovering documentary proof to support criminal charges, as the financial sector watches closely for the broader implications of the investigation.

CBI Targets Reliance Home Finance in Fraud Case

CBI books Anmol Ambani as searches expand in ₹228-crore bank fraud probe

CBI Targets Reliance Home Finance in Fraud Case

CBI books Anmol Ambani as searches expand in ₹228-crore bank fraud probe

December 9, 2025 | 16:37 IST