Business EconomyPosted at: Dec 10 2025 1:35AM


CBI files case against Anil Ambani-linked RCFL, books elder son Jai Anmol

Mumbai, Dec 9 (UNI) The CBI announced on Tuesday that it has registered a criminal case against the Anil Ambani-linked Reliance Commercial Finance Ltd (RCFL), its promoters, directors and unknown bank officials.
The CBI action is based on a complaint filed by Bank of Maharashtra which alleged criminal conspiracy, cheating, criminal misconduct and thereby causing wrongful loss of Rs. 57.47 crores to the bank.
The CBI also obtained search warrants from the court of Special Judge for CBI, Mumbai and searched RCFL official premises in Mumbai as well as residential premises of RCFL director Devang Pravin Mody in Pune, after which several incriminating documents have been taken into possession, the CBI stated.
Additionally, in another case related to union Bank of India, the CBI has also booked industrialist Anil Ambani's elder son Jai Anmol and Reliance Home Finance Ltd (RHFL) for allegedly cheating union Bank of India and causing a loss of Rs 228 crore to the bank.
In the Bank of Maharashtra case, the loan account of RCFL was declared as non-performing asset (NPA) by the bank on 25.03.2020 and also as a fraud on 04.10.2025 for causing wrongful loss of Rs 57.47 crores to the bank.
"RCFL availed loans to the tune of Rs 9,280 crores from 31 banks, financial institutions, non-banking financial companies (NBFCs) and corporate bodies including Bank of Maharashtra. A thorough investigation will be conducted into the allegations," according to a CBI statement.
In the case related to union Bank of India, the CBI booked industrialist Anil Ambani's elder son Jai Anmol and Reliance Home Finance Ltd (RHFL) for allegedly cheating union Bank of India and causing a loss of Rs 228 crore.
The CBI's First Information Report (FIR) in the union Bank of India case has alleged manipulation of accounts, criminal breach of trust and misappropriation of funds borrowed under credit limits extended by the bank.
It may be recalled that both Anil Ambani and Jai Ambani were mentioned in CBI and Enforcement Directorate (ED) investigations into alleged financial misconduct in the Yes Bank–Reliance Capital transactions.
In both the cases, the CBI alleged that Jai Ambani had influenced decision-making within Reliance Nippon Mutual Fund, where he allegedly held review meetings and exerted control over fund operations during his tenure as Executive Director of Reliance Capital and Reliance Nippon.
Earlier, the union Bank of India had filed a complaint against Jai Anmol and RHFL, acting on which the CBI booked RHFL as well as Jai Anmol and Ravindra Sharad Sudhakar, who are both RHFL directors.
In its complaint, the union Bank of India alleged that the RHFL had availed credit limits to the tune of Rs 450 crore from the bank's SCF branch in Mumbai for business needs.
The bank stated that the loan conditions laid down required RHFL to maintain financial discipline, including timely repayment, service of interest and other charges, submission of the position of security and other required papers in time as well as routing the entire sale proceeds through the bank account.
However, the bank alleged in its complaint that RHFL failed to pay the installments to union Bank of India and hence the loan was classified as a non-performing asset (NPA) on September 30, 2019.
Later, a forensic examination of RHFL bank accounts carried out by Grant Thornton, showed that funds borrowed by RHFL were diverted.
"The accused persons in their capacity of erstwhile promoters / directors of the borrower company committed fraudulent misappropriation of funds through manipulation of accounts and criminal breach of trust and diverted / siphoned off the funds for the purposes other than the purpose for which finance was extended," union Bank of India alleged in its complaint.
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Tags: #CBI files case against Anil Ambani-linked RCFL# books elder son Jai Anmol
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