Court relief to Anmol Ambani’s company, quashes bank’s fraud classification

On December 19, 2025, the Delhi High Court set aside Union Bank of India’s decision to declare the bank account of a company owned by industrialist Anil Ambani’s son, Anmol Ambani, fraudulent.

Justice Jyoti Singh passed the order on a plea moved by Anmol Ambani, who argued the bank took the decision without issuing any show cause notice or hearing him thereby, violating natural justice.

Senior Advocate Rajiv Nayar, appearing for Ambani, stated that Union Bank of India’s affidavit revealed the show cause notice was served on an address which the company had already vacated in September 2020. The Court opined that it would mean no show cause notice was served on Ambani before declaring his account as fraudulent.

“This Court is of the view that indeed a show cause notice was never served before making the declaration as fraud. Accordingly in light of the judgment…., the impugned classification and declaration are quashed,” the Court ordered.

The CBI has filed cases against Anil Ambani group companies on allegations of fraud amounting to nearly Rs 14,853 crores.

The agency’s case against Anmol Ambani is that he cheated the Union Bank of India and caused the public sector bank a loss of nearly Rs 228 crore.

According to reports, the CBI has said that Reliance Home Finance Ltd (RHFL), where Anmol Ambani was a director, borrowed substantial funds but failed to meet repayment obligations. Grant Thornton was tasked with conducting forensic audit of RHFL on the terms specified in “engagement letter” dated 29.08.2019 (Annexure-A). In 2020, it submitted the following two reports:
a. Forensic Review dated 02.01.2020 (Annexure-B)
b. Fund Tracing dated 02.05.2020 (Annexure-C)