Jai Anmol Ambani named in CBI FIR: All you need to know about Anil Ambani group's alleged ₹14,852 crore loan fraud case

The central bureau of investigation (CBI) last week registered two new first investigation reports (FIRs) against Reliance Home Finance Limited (RHFL), and Reliance Commercial Finance Limited (RCFL) for alleged massive loan defaults. A total of ₹14,852 has been allegedly defaulted by the Reliance Anil Dhirubhai Ambani (ADA) Group companies with primary lenders being the Union Bank of India and the Bank of Maharashtra.

Anil Ambani's son Jai Anmol Ambani has also been named in one of the FIRs. Extensive searches were reportedly carried out across Mumbai and Pune at the premises of Jai Anmol Ambani, former CEO Ravindra Sudhalkar and other accused on December 9, 2025.

In response to media reports, RHFL's resolution professional informed the exchanges that "no notice, intimation, communication, or requisition has been received by the Resolution Professional from the CBI at the address mentioned in this letter in relation to the FIR referred to in the said media report."

Let us have a closer look at both the cases.

The RHFL fraud

In 2015, the Union Bank of India (erstwhile Andhra Bank) sanctioned ₹450 crore in term loans to RHFL. The company's failure to adhere to terms of its credit facilities, default payments and subsequent deterioration of its financial health led the Union Bank of India to declare RHFL as a non-performing asset (NPA) on September 30, 2019. The company took loans to the tune of ₹5,572.35 crore from 18 banks and non-banking financial corporations (NBFCs).

Following the failure to repay, and the NPA classification, a consortium of lenders (led by Bank of Baroda) formally appointed Grant Thornton as the forensic auditor. The audit was appointed in accordance with the Reserve Bank of India (RBI) norms for resolution of stressed assets. The audit covered the period between April 1, 2016, to June 30, 2019. The forensic auditor's report was submitted to the consortium of lenders on May 6, 2020.

The forensic audit alleged that RHFL engaged in "systematical diversion of borrowed funds". It is alleged that ₹12,753.06 crore or 86% of the general purpose corporate loan (GPCL) was disbursed to Potentially Indirectly Linked Entity (PILE).

After the forensic audit, the account was resolved under the RBI's framework for resolution of stressed assets, with management change and partial recovery (Union Bank of India recovered only ₹60.23 crore). On October 10, 2024, RHFL's account was declared fraud by the Union Bank of India, citing ₹228.06 crore wrongful loss from conspiracy and misconduct. The bank filed a complaint with the CBI against RHFL on November 13, 2025, and the agency filed an FIR against RHFL on December 6, 2025.

The RCFL fraud

From 2015 to 2019, RCFL availed cumulative loans totalling ₹9,280 crore from 31 banks, financial institutions, NBFCs, including Bank of Maharashtra. The lenders appointed Grant Thornton in August 2019 for forensic audit, as required under RBI guidelines. According to the audit report, irregularities include disbursement of ₹11,218.58 crore (68% of wholesale loans) to PILEs.

In a media release dated January 12, 2020, RCFL stated that the forensic auditors submitted their report, and recorded "no adverse findings" on the parameters of fraud, embezzlement, diversion and siphoning of funds, malafide operations, falsification of accounts, fraudulent transactions, and detection of frauds by the company, its promoters, employees, or associates.

On March 25, 2020, Bank of Maharashtra declared RCFL's loan account an NPA due to default in payments. The Bank of Maharashtra declared RCFL's loan account as fraud on October 10, 2025, alleging wrongful loss of ₹57.47 crore to the bank.

"A criminal case has been registered by CBI against M/s Reliance Commercial Finance Ltd. (M/s RCFL) (a company of Reliance ADA Group), its promoters/Directors and unknown bank officials, based on a complaint of Bank of Maharashtra on the allegations of criminal conspiracy, cheating and criminal misconduct and thereby causing wrongful loss of ₹57.47 crores to Bank of Maharashtra," as per the CBI statement on December 9, 2025.

"CBI obtained Search Warrants from the court of Hon'ble Special Judge for CBI, Mumbai and has commenced searches at the official premises of the company M/s RCFL at Mumbai and residential premises of Devang Pravin Mody, Director of M/s Reliance Commercial Finance Ltd., at Pune, on 09.12.2025. Several incriminating documents have been identified and are being seized during searches. Searches are in progress," the CBI statement added.

Wider legal context: The shadow of RCom case

It is important to note that Anil Dhirubhai Ambani has not been named in either the RHFL or the RCFL fraud cases. However, on August 21, 2025, the CBI registered a case in connection to an alleged loan fraud at Reliance Communications from 2013-17, where the state bank of India (SBI) was the complainant. The case named the then RCom director Anil Ambani, among others.

The SBI alleged wrongful loss of ₹2,929.05 crore against RCom. According to the forensic audit which covered the period between April 2013 to March 2017, funds obtained for capital/operating expenditure were allegedly misused in contravention of loan terms. The accused allegedly routed loan funds through inter-company loan transactions, and inter-corporate deposits.

The total outstanding debt of RCom towards various lenders exceeded ₹40,185.55 crore as of 2018.

The CBI FIR also pointed towards misuse of sales invoicing and the discounting of bills of RCom by Reliance Infratel Limited. It was also alleged that the company was involved in the alleged write-off of capital advances given to Netizen Engineering Private Limited (an alleged related entity).

RCom was declared NPA by the SBI in 2016. The account was eventually classified as 'fraud' on June 13, 2025. Anil Ambani's spokesperson has denied all allegations, stating that he was the non-executive director during the period with no involvement in day-to-day management.