• Source:JND
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Anil Ambani Bank Fraud Case: Jai Anmol, son of industrialist Anil Ambani, landed in legal trouble after the CBI filed a fraud case against him. The Central probe agency booked him for allegedly committing a fraud amounting to Rs 228 crore.

The CBI has booked Anmol and Reliance Home Finance Ltd. (RHFL) in a case of alleged cheating in Union Bank of India that caused a loss of Rs 228 crore to the public bank.

What Is Rs 228 Crore Bank Fraud Case?

Union Bank of India (erstwhile Andhra Bank) filed a complaint against Anmol and RHFL, acting on which the CBI booked Reliance Home Finance Ltd., Jai Anmol and Ravindra Sharad Sudhakar, both directors in RHFL.

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The bank, in its complaint, claimed that the RHFL had availed credit limits to the tune of Rs 450 crore from the bank's SCF branch in Mumbai for business needs. 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.

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According to the bank, the Reliance Home Finance Ltd. 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.

A forensic examination of the accounts was carried out by Grant Thornton (GT), for a review period from April 1, 2016, to June 30, 2019, which showed that borrowed funds were misapportioned and considered as a diversion of funds.

"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.

(With PTI inputs)

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