Two Reliance ADA group firms come under CBI scrutiny in Multi-Crore bank fraud cases
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Shimla, Dec 9,
The Central Bureau of Investigation has registered two separate criminal cases against Reliance ADA Group companies—Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. (RCFL)—for alleged large-scale bank fraud, following complaints filed by Union Bank of India and Bank of Maharashtra, respectively. The developments place both firms under the investigative lens for purported irregularities that caused significant financial losses to lending institutions.
According to information shared by the CBI spokesperson, the first case pertains to Reliance Home Finance Ltd., its promoters/directors, and unknown bank officials, who are accused of criminal conspiracy, cheating, and criminal misconduct resulting in a wrongful loss of Rs. 228.06 crore to Union Bank of India (formerly Andhra Bank). The RHFL loan account was declared a Non-Performing Asset (NPA) on 30 September 2019 and classified as fraud on 10 October 2024. The agency noted that RHFL had availed loans amounting to Rs. 5,572.35 crore from 18 banks, financial institutions and other entities, necessitating a broader investigation into suspected fraud across the consortium.
Acting on court-issued search warrants from the Special Judge for CBI, Mumbai, the agency carried out searches on 9 December 2025 at two official premises of RHFL and the residences of Jai Anmol Ambani, son of Anil Ambani and former Director of RHFL, as well as former CEO and Whole-Time Director Ravindra Sudhalkar. The searches led to the recovery of several incriminating documents, which have been seized for detailed scrutiny. The operation remains underway.
In a parallel action the same day, the CBI filed another criminal case against Reliance Commercial Finance Ltd., its promoters/directors, and unidentified bank officials, based on a complaint from the Bank of Maharashtra alleging fraud of Rs. 57.47 crore. The RCFL account was declared NPA on 25 March 2020 and later marked as fraud on 4 October 2025. RCFL had outstanding borrowings of Rs. 9,280 crore from 31 lending bodies, prompting the CBI to examine potential wrongdoing across the entire network of lenders.
Searches, conducted under warrants from the Special Judge for CBI, Mumbai, covered the company’s Mumbai offices and the Pune residence of Devang Pravin Mody, Director of RCFL. Investigators reported recovering multiple incriminating documents, which have been taken into possession.
In both cases, the CBI affirmed that comprehensive investigations are underway to establish the full extent of the alleged fraud and identify all responsible individuals.
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