₹285 Cr Loan Fraud: Ambani group stocks fall 5% after CBI registers loan fraud cases 

Synopsis: The CBI filed loan-fraud cases totalling over ₹285 crore against Reliance Home Finance and Reliance Commercial Finance, naming Anmol Ambani, triggering searches and sparking a sell-off as Reliance Infra and Reliance Power fell up to 5%.

The Central Bureau of Investigation (CBI) registered two criminal cases on against Reliance ADA Group firms, Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), for alleged loan fraud totalling over Rs 285 crore, naming Jai Anmol Ambani (son of Anil Ambani) in the RHFL case.​

RHFL Case Details

RHFL allegedly defrauded Union Bank of India (formerly Andhra Bank) of Rs 228.06 crore through criminal conspiracy, cheating, and fund diversion from April 2016 to June 2019. The company had secured Rs 5,572.35 crore in loans from 18 lenders, but its account turned non-performing asset (NPA) on September 30, 2019, and was classified as fraud on October 10, 2024. Forensic audits revealed 86% of corporate loans went to linked entities, with funds used for group debt servicing and circular transactions instead of housing finance.​

RCFL Case Details

RCFL faces charges for causing Rs 57.47 crore loss to Bank of Maharashtra via similar misconduct; it had borrowed Rs 9,280 crore from 31 lenders. The account was declared NPA on March 25, 2020, and fraud on October 4, 2025.​

CBI conducted searches on December 9, 2025, at RHFL’s Mumbai offices, Jai Anmol Ambani’s residence, ex-CEO Ravindra Sudhalkar’s home, RCFL’s premises, and director Devang Pravin Mody’s Pune residence, seizing incriminating documents. Investigations continue into broader fraud allegations across lenders, amid Reliance ADA Group’s prior scrutiny over Rs 17,000 crore in loans.

The developments spooked investors, leading to a sell-off across ADAG counters. Reliance Power and Reliance Infrastructure, reflecting heightened concern about renewed regulatory scrutiny and financial risks surrounding the group’s legacy businesses.

With market capitalization of Rs. 5,574 cr, the shares of Reliance Infrastructure Ltd are currently trading at Rs. 136.90 per share, hit 5% lower circuit in today’s market session making a low of Rs. 132.90, from its previous close of Rs. 139.80 per share.

With market capitalization of Rs. 14,178 cr, the shares of Reliance Power Ltd are currently trading at Rs. 34.3 per share, dropping 4% in today’s market session making a low of Rs. 34.16, from its previous close of Rs. 35.66 per share.

Written by Manideep Appana

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