The Central Bureau of Investigation (CBI) carried out searches at the Mumbai residence of Jai Anmol Ambani, son of industrialist Anil Ambani, after registering an FIR against him and Reliance Home Finance Ltd. (RHFL) for allegedly cheating Union Bank of India of Rs 228 crore, an official statement said on Tuesday.

The case stems from a complaint filed by Union Bank of India (formerly Andhra Bank) against Reliance Home Finance Ltd., then director Jai Anmol Ambani, and former CEO Ravindra Sharad Sudhakar, alleging that the company failed to repay credit facilities, leading the bank to classify the account as a non-performing asset (NPA) in 2019, it said.