Troubles mount for Anil Ambani. The Central Bureau of Investigation has booked Anil Ambani’s son, Jai Anmol Anil Ambani, over alleged cheating of Rs 228.06 crore with Union Bank of India, said a PTI report. The report added that the agency has also booked Reliance Home Finance, an Anil Ambani Reliance Group company, on the cheating allegations.
As per the report, CBI acted on a complaint from the Union Bank (erstwhile Andhra Bank) against Reliance Home Finance, Jai Anmol Anil Ambani and Ravindra Sharad Sudhakar, both directors in the company.
Previous CBI probe against Jai Ambani
While Anil Ambani has been named by the CBI and ED in their investigations of bank fraud, this is the first time his son is booked in the case. Earlier in October, the CBI said in a chargesheet related to Yes Bank and the Reliance Group that it is probing the role of Jai Ambani in the matter, who was an Executive Director of Reliance Capital and Reliance Nippon at the time.
Further, earlier, CBI said that Anil Ambani and Jai Ambani interfered in the decision-making process at Reliance Nippon Mutual Fund, and the latter also held review meetings with the company’s officers.
What are the allegations?
The report said that Reliance Home Finance had availed credit limits of about Rs 450 crore from the bank’s SCF branch in Mumbai for business needs, the complaint stated. The bank had laid down the condition to maintain financial discipline, including timely repayment, service of interest and other charges and submission of the position of security and other required papers in time and routing the entire sale proceeds through the bank account.
The company failed to pay the instalments to the bank and hence, the said account was classified as a non-performing asset (NPA) on September 30, 2019, the report said.
A forensic examination of the accounts was carried out by Grant Thornton, 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, the PTI report said.
“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.