CBI registers 2 criminal cases against ADA group, names Anil Ambani’s son Jai Anmol in Rs 228-crore fraud case filed by Union Bank
While the first case was against Jai Anmol Ambani and Reliance Home Finance Limited, along with the company's promoters, directors and bank officials, the second case was registered against Reliance Commercial Finance Limited and related individuals.
The Central Bureau of Investigation (CBI) has registered two criminal cases against the companies of ADA Group, and named Jai Anmol Ambani, son of industrialist Anil Dhirubhai Ambani, in one of the cases. The CBI has also named several others, including the company’s directors, promoters and unknown bank officials. The agency also conducted searches at the official and residential premises and found several incriminating documents.
As per the CBI release, the first case is registered against Jai Anmol Ambani, and Reliance Home Finance Limited (a company of Reliance ADA Group) along with the company’s promoters, directors and unknown bank officials.
The case is registered based on a complaint of Union Bank of India on allegations of criminal conspiracy, cheating and criminal misconduct for causing wrongful loss of Rs 228.06 crore to Union Bank of India (e-Andhra Bank).
After registering the case, the agency obtained search warrants from the special CBI court in Mumbai on Tuesday and conducted searches at two official premises of Reliance Home Finance Limited and at the residential premises of Jai Anmol Ambani and that of Ravindra Sudhalkar, who was ex-CEO and whole-time director of RHFL. All searches were conducted in Mumbai city and the agency found several incriminating documents which has been taken into possession for further probe.
As per the CBI release, the bank alleged in its complaint that the company (Reliance Home Finance Ltd) had availed loans to the tune of Rs 5,572.35 crore from 18 banks and corporate bodies including Union Bank of India for business purposes. As part of the loan conditions, the company was expected to maintain financial discipline and needed to repay instalments, payment of interest, and adherence to all security and compliance requirements timely.
The account of Reliance Home Finance Limited was declared 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 crore to the Union Bank of India (e-Andhra Bank), said CBI adding that a thorough investigation will be conducted into the allegations of defrauding all the banks and financial institutes involved in the fraud by the accused company.
The second case was registered against Reliance Commercial Finance Limited (RCFL), a company of Reliance ADA Group, along with its promoters, directors and unknown bank officials. The FIR was filed based on the complaint given by Bank of Maharashtra based on the allegations of criminal conspiracy, cheating and criminal misconduct for causing loss of Rs 57.47 crore to the bank.
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The RCFL had availed of loans to the tune of Rs 9,280 crore from 31 banks, non-banking financial corporations and corporate bodies including the Bank of Maharashtra. The loan account of the RCFL company was declared NPA by the bank on March 25, 2020 and also as fraud on October 4, 2025 for causing loss of Rs 57.47 crore to the Bank of Maharashtra.
The agency obtained search warrants from the special CBI court, Mumbai and conducted searches at official premises of RCFL at Mumbai and residential premises of Devang Pravin Mody, director of RCFL at Pune. During the search, several incriminating documents have been observed and are being taken into possession for investigation.
Manish Kumar Pathak is a dedicated journalist reporting for The Indian Express from Mumbai. His work demonstrates substantial Expertise and Authority across the complex field of crime reporting, with a strong focus on law enforcement actions, fraud, and cyber security challenges facing the metropolitan region.
Expertise & Authority
Affiliation: Reports for the nationally recognized daily, The Indian Express, providing his content with high Trustworthiness.
Geographical Focus: Provides comprehensive, ground-level coverage of breaking news and investigative matters across Mumbai and the surrounding regions (e.g., Thane, Vasai).
Core Authority: His reporting portfolio highlights deep Expertise in crucial beats, including:
Cyber & Financial Crime: Extensive coverage of sophisticated scams, including cases involving high-value cyber fraud, stock market manipulation scams, and fraudsters using government figures to gain trust.
Law Enforcement & Investigation: Reports directly on major police actions, including arrests made by the Economic Offences Wing (EOW) in fraud cases (e.g., MHADA flat scams) and detailed coverage of murder and kidnapping investigations.
Major Incidents & Public Safety: Covers significant incidents like building collapses, road accidents, and public safety issues such as theft at large public events.
Defence & Maritime: Also covers key updates regarding the Indian Navy, including the commissioning of new vessels and strategic defense announcements.
Manish Kumar Pathak's consistent focus on crime, fraud, and the workings of the Mumbai police system establishes him as a trusted and authoritative source for critical news in Western India. ... Read More
