CBI registers cases against Reliance Home Finance and Reliance Commercial Finance in bank fraud cases

NEW DELHI: 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 to the tune of Rs 228.06 crore and Rs 57.47 crore, respectively.

According to the complaint received by the CBI, a written submission was made to the CBI alleging cheating, criminal conspiracy and criminal misconduct by M/s RHFL, Jai Anmol Anil Ambani, Anil Ambani’s son and Ravindra Sudhalkar and other unknown persons, including unknown public servants. The allegations pertain to a wrongful loss of Rs 228.06 crore caused to Union Bank of India (erstwhile Andhra Bank).

The complaint discloses the commission of offences punishable 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 (RC) has been registered, the agency said.

In an official statement, the CBI said, “A criminal case has been registered by CBI against M/s Reliance Home Finance Ltd. (a company of Reliance ADA Group), its promoters/Directors and unknown bank officials, on the basis of a complaint of Union Bank of India on the allegations of criminal conspiracy, cheating and criminal misconduct and thereby causing wrongful loss of Rs. 228.06 crores to Union Bank of India (e-Andhra Bank).”

“CBI obtained Search Warrants and has commenced searches at two official premises of M/s Reliance Home Finance Ltd., residential premises of Jai Anmol Ambani, son of Anil Ambani, the then Director of M/s Reliance Home Finance Ltd. and residential premises of Ravindra Sudhalkar, Ex-CEO and Whole Time Director of M/s. RHFL, all at Mumbai on 09.12.2025. Several incriminating documents have been identified and are being seized during searches. Searches are in progress,” it added.

In the second case, the CBI has also registered a criminal case against M/s Reliance Commercial Finance Ltd. (RCFL), its promoters/directors and unknown bank officials, after Bank of Maharashtra alleged criminal conspiracy, cheating and criminal misconduct resulting in a wrongful loss of Rs 57.47 crore.

“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 Rs. 57.47 crores to Bank of Maharashtra,” as per the statement.

RCFL’s loan account was declared a Non-Performing Asset (NPA) on March 25, 2020, and was classified as fraud on October 4, 2025, resulting in a loss of Rs 57.47 crore to the bank. The company reportedly secured loans totalling Rs 9,280 crore from 31 banks, financial institutions, NBFCs, and corporate bodies, including Bank of Maharashtra. The agency said it will conduct a thorough investigation into allegations of defrauding all lenders.

The statement from the CBI reads, “The loan account of M/s Reliance Commercial Finance Ltd. was declared NPA by the bank on 25.03.2020 and also as Fraud on 04.10.2025 for causing wrongful loss of Rs. 57.47 crores to Bank of Maharashtra. M/s RCFL was availing loans to the tune of Rs. 9,280 crores from 31 Banks / FIs / NBFCs / Corporate Bodies, etc., including Bank of Maharashtra. A thorough investigation will be conducted into the allegations of defrauding all the banks/FIs, etc. by the accused company.”

“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,” it added. (ANI)