CBI Questions Jai Anmol Ambani in Two Separate Fraud Investigations

New Delhi, March 13 (ANI): The Central Bureau of Investigation (CBI) on Friday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, in connection with two separate investigations involving alleged financial irregularities and cyber fraud.

In the first case, Jai Ambani, a former director of Reliance Home Finance Ltd., was examined by CBI officials for nearly six and a half hours at the agency’s headquarters in New Delhi. The questioning relates to an alleged Rs 228 crore bank fraud case.

The case was registered by the CBI on December 6, 2025, following a complaint from Union Bank of India, which alleged financial irregularities that caused a wrongful loss of Rs 228.06 crore. Along with Jai Ambani, the case also names Ravindra Sudhalkar, unidentified persons, and certain public servants.

According to investigators, the allegations include criminal conspiracy, cheating, and misconduct. The loan account of Reliance Home Finance had earlier been declared a non-performing asset (NPA) in September 2019 and was later classified as fraud in October 2024.

Officials said the company had obtained loans amounting to Rs 5,572.35 crore from 18 banks, financial institutions, NBFCs, and corporate entities. As part of the probe, the CBI conducted searches on December 9, 2025, at two official premises of the company as well as the residences of Jai Ambani and Ravindra Sudhalkar in Mumbai, seizing several documents considered incriminating. The investigation into the alleged diversion and misuse of bank funds remains ongoing.

Separate Probe into Transnational Online Fraud

In a separate investigation, the CBI has also questioned Jai Ambani regarding a transnational online investment and part-time job fraud case linked to the Dubai-based fintech platform Pyypl, sources said.

The case involves a large-scale cyber fraud in which thousands of Indian citizens were allegedly cheated of crores of rupees through deceptive online investment schemes and fake part-time job offers run by an organised international syndicate.

The investigation was initiated by the CBI based on inputs from the Indian Cyber Crime Coordination Centre.

As part of the probe, the agency recently carried out coordinated searches at 15 locations across Delhi, Rajasthan, Uttar Pradesh, and Punjab, recovering documents and digital evidence linked to the suspected fraud network.

Investigators say the syndicate used social media platforms, mobile applications, and encrypted messaging services to lure victims with promises of high investment returns and lucrative part-time work. Victims were initially encouraged to invest small amounts and were shown fabricated profits to build trust before being persuaded to deposit larger sums.

The funds allegedly obtained through the scheme were routed through multiple mule bank accounts and later siphoned abroad through ATM withdrawals using internationally enabled debit cards and wallet top-ups on overseas fintech platforms, primarily Pyypl, using Visa and MasterCard networks.

Earlier in the investigation, the CBI identified Ashok Kumar Sharma, a chartered accountant based in Bijwasan near the Delhi–Gurugram border, as the alleged kingpin of the network accused of siphoning off hundreds of crores through mule accounts and overseas financial channels.

The investigation in both cases is ongoing. (ANI)

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