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RHFL–Union Bank Fraud: CBI on Tuesday reached the residence of Jai Anmol Ambani, son of industrialist Anil Ambani. CBI searched the entire residence.
RHFL–Union Bank Fraud: CBI reached the residence of Jai Anmol Ambani, son of industrialist Anil Ambani on Tuesday. CBI searched the entire residence. CBI raided the residence of Jai Anmol Ambani, son of industrialist Anil Ambani on Tuesday. Officials said that an FIR has been registered against Jai Anmol and Reliance Home Finance Limited (RHFL) for defrauding Union Bank of India of Rs 228 crore. Officials said the CBI acted on a complaint filed by the bank (erstwhile Andhra Bank) against Reliance Home Finance Limited, then director Jai Anmol and former CEO Ravindra Sharad Sudhakar. The complaint alleged that the company did not repay the loan taken from the bank, due to which the account turned into a non-performing asset in 2019.
The company had taken a loan of Rs 5572.35 crore
The CBI obtained search warrants from the court of CBI special judge in Mumbai and initiated searches at two official premises of Reliance Home Finance Limited, the residential premises of Jai Anmol Ambani, son of Anil Ambani, the then director of Reliance Home Finance Limited, and the residential premises of Ravindra Sudhalkar, former CEO and whole-time director of RHFL. Officials said that CBI teams reached the seventh floor of Anil Ambani’s residence Sea Wind Building in Mumbai’s Cuffe Parade on Tuesday morning, from where many incriminating documents were seized during the search. He said that Reliance Home Finance Limited had taken a loan of Rs 5572.35 crore from 18 banks, financial institutions, non-banking financial companies and corporate bodies including Union Bank of India.
misuse of loan amount
The complaint states that Reliance Home Finance Limited had operated the SCF branch in Mumbai for business needs. The bank had imposed conditions to maintain financial discipline, which included timely repayment, service of interest and other charges, submission of necessary documents and routing of entire sale proceeds through the bank account. Officials said the company did not pay the installments to the bank, due to which the said account was declared non-performing asset (NPA) on September 30, 2019. He said that a forensic examination of the accounts was conducted by Grant Thornton (GT) for the review period of April 1, 2016 to June 30, 2019, which revealed that the borrowed funds were misused. This was considered diversion of funds. The bank alleged that the former promoters/directors of the borrower company had committed manipulation of accounts and embezzlement of funds.
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