New Delhi: Criminal conspiracy with mala fide intention to cheat the bank, misutilisation of hundreds of crores of loan funds and their subsequent diversion through sister concerns, criminal breach of trust—these sum up the allegations of Union Bank of India against Jai Anmol, son of businessman Anil Ambani.

The Central Bureau of Investigation (CBI) has registered a case against Jai Anmol in connection with an alleged Rs 228 crore bank fraud involving Reliance Home Finance following a complaint from Union Bank of India. Jai Anmol was the promoter-director of the housing finance firm that has been admitted into the corporate insolvency resolution process.

Union Bank of India wrote to the Banking Security & Fraud Branch of the CBI last month, providing detailed findings on alleged diversi

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