The Central Bureau of Investigation (CBI) has registered a case against Jai Anmol Anil Ambani, son of industrialist Anil Ambani, and Reliance Home Finance Ltd (RHFL) for cheating Union Bank of India. The alleged fraud caused a loss of ₹228 crore to the bank. The CBI's action follows a complaint from Union Bank of India (formerly Andhra Bank) against RHFL and two of its directors, including Jai Anmol Ambani and Ravindra Sharad Sudhakar. RHFL had taken credit limits amounting to ₹450 crore from the bank’s Supply Chain Finance branch in Mumbai for its business needs. The bank required the company to maintain financial discipline by repaying loans on time, paying interest and charges promptly, submitting security and required papers on schedule, and routing all sales proceeds via the bank account. However, RHFL failed to pay loan instalments, leading the bank to classify the account as a non-performing asset (NPA) on September 30, 2019. A forensic audit by Grant Thornton covering April 2016 to June 2019 revealed misuse and diversion of the borrowed funds. The bank accused the promoters and directors of fraudulent misappropriation of funds by manipulating accounts and diverting money for purposes other than intended. The bank 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."