Jai Anmol Anil Ambani, son of industrialist Anil Ambani, has been booked by the Central Bureau of Investigation (CBI) for allegedly cheating the Union Bank of India to the tune of ₹228 crore, officials said on Tuesday.
Jai Anmol and Ravindra Sharad Sudhakar, both directors in Reliance Home Finance Ltd. (RHFL), have been accused by the public sector bank (erstwhile Andhra Bank) for availing credit limits to the tune of ₹450 crore from the bank’s SCF branch in Mumbai for business needs, and siphoning off the funds for purposes other than the purpose for which finance was extended.
“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,” the bank alleged.
The bank said it had laid down the condition to maintain financial discipline including timely repayment, service of interest and other charges and submission of position of security and other required papers in time and routing the entire sale proceeds through the bank account, which RHFL failed to do.
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Following the company’s failure to pay the instalments to the bank, the said account was classified as a non-performing asset (NPA) on September 30, 2019, the officials added.
A forensic examination of the accounts was then carried out by Grant Thornton (GT), for a review period from April 1, 2016 to June 30, 2019, which showed that borrowed funds were mis-apportioned and considered as diversion of funds, they further shared.
Jai Anmol was approved as executive director at Reliance unit in 2016, as part of Anil Ambani’s succession plan. His beleaguered father, Anil Ambani, has already been booked by the CBI for alleged fraud running into thousands of crores of rupees.
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