New Delhi, Dec. 9 (ANI): The Central Bureau of Investigation (CBI) has registered two separate cases against Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. (RCFL), both part of the Reliance ADA Group, for allegedly defrauding Union Bank of India and Bank of Maharashtra of Rs 228.06 crore and Rs 57.47 crore, respectively.
According to the complaint received by the CBI, a written submission alleged cheating, criminal conspiracy, and criminal misconduct by RHFL, Jai Anmol Anil Ambani — son of Anil Ambani — former CEO Ravindra Sudhalkar, and other unknown individuals, including public servants. The allegations pertain to a wrongful loss of Rs 228.06 crore caused to Union Bank of India (formerly Andhra Bank).
The complaint disclosed offences under Section 120-B read with Section 420 of the IPC, Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988, and Section 7 of the PC Act (as amended in 2018). Following this, a Regular Case has been registered, the agency said.
In an official statement, the CBI announced that a criminal case has been registered against RHFL, its promoters, directors, and unknown bank officials based on Union Bank’s complaint. The agency obtained search warrants and initiated searches on December 9 at two official premises of RHFL, the residence of Jai Anmol Ambani in Mumbai, and the residence of former CEO Ravindra Sudhalkar. Several incriminating documents have been identified and seized. Searches are ongoing.
In the second case, the CBI registered a criminal case against RCFL, its promoters, directors, and unknown bank officials after Bank of Maharashtra alleged criminal conspiracy, cheating, and misconduct leading to a wrongful loss of Rs 57.47 crore.
RCFL’s loan account was declared a Non-Performing Asset on March 25, 2020, and classified as fraud on October 4, 2025. The company had reportedly secured loans totaling Rs 9,280 crore from 31 banks, financial institutions, NBFCs, and corporate bodies, including Bank of Maharashtra. The CBI said it will conduct a thorough investigation into allegations of defrauding all lenders.
Search warrants were also obtained for RCFL, and searches began at the company’s Mumbai office and the Pune residence of Devang Pravin Mody, a director at RCFL. Incriminating documents have been identified and seized, and searches remain underway.
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