The Central Bureau of Investigation (CBI) has registered two separate cases against Reliance ADA Group companies: Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), for huge bank loan fraud. Jai Anmol Ambani, son of Anil Ambani, is accused in the RHFL case. On Tuesday, the CBI searched the homes and offices of Jai Anmol and others in Mumbai and Pune. The total alleged loan defaults add up to ₹14,852 crore. The first case involves RHFL, its promoters, directors, and unknown bank officials. This follows a complaint from Union Bank of India citing criminal conspiracy, cheating, and misconduct, with a wrongful loss of ₹228.06 crore. RHFL's loan account was declared a non-performing asset (NPA) on September 30, 2019, and fraud on October 10, 2024. The company had loans of ₹5,572.35 crore from 18 banks and financial bodies. After court approval, searches took place at two RHFL offices and the residences of Jai Anmol and former CEO Ravindra Sudhalkar in Mumbai. A forensic audit report revealed "systematic diversion of borrowed funds," with ₹12,573.06 crore disbursed to Potentially Indirectly Linked Entities (PILE). The report suggests about 86% of corporate loans were funneled to PILE or related parties. The second case targets RCFL, its former directors Devang Pravin Mody and Ravindra Somayajula Rao, and unknown bank officials. They are accused of cheating Bank of Maharashtra for ₹57.47 crore. RCFL's loan turned NPA in March 2020 and was declared fraud on October 4, 2025. RCFL had taken ₹9,280 crore in loans from 31 banks and institutions. A forensic audit showed 68% of wholesale loans were directed to PILE, some further lent within the group. Searches were done at RCFL's Mumbai office and Mody's Pune residence. Earlier in August, CBI filed a ₹2,929 crore loan fraud case against Reliance Communication Limited, Anil D. Ambani, and others related to SBI loans. Allegations included misuse of loan funds and creation of fake debtors. The Enforcement Directorate is also investigating money laundering linked to the group and has attached assets worth ₹10,117 crore. The investigations reveal large-scale loan mismanagement and fraudulent diversion involving top Reliance ADA companies and key individuals, including Jai Anmol Ambani.