A right-arm fast-medium bowler, he played first-class cricket for Mumbai, regularly opening the bowling.
Ankola's consistency for Mumbai team earned him a spot for representing India during their tour of Pakistan in 1989–90.
[3] Playing against Gujarat he scored 43 runs and took a six-wicket haul (six wickets in an innings) that included a hat-trick.
Owing to the consistent performances during the season, Ankola caught the attention of the selectors, as he was selected for the India's tour of Pakistan in 1989–90.
Ankola hit a six of the first ball that he faced off Imran Khan but eventually ended on the losing side.
In the early 1990s, he along with other bowlers such as Abey Kuruvilla, Paras Mhambrey, Nilesh Kulkarni and Sairaj Bahutule was trained under Frank Tyson.
[15] In a match against South Africa during the 1993 Hero Cup, he captured three wickets for 33 runs, which remained his career-best bowling figures in ODIs.
[20] In the finals against South Africa that India lost, Ankola conceded 50 runs in seven overs in what became his last match;[16] the spell included a catch being taken off a no-ball and a dropped chance.
[22] The squad included Ankola himself along with Mahendra Singh Dhoni, captain of the Indian national cricket team then.
Not many players get to witness an unexpected visitor in the form of the current India captain turning up for his benefit match".
[26] He followed that with Pitaah (2002),[27] and his last major release Chura Liyaa Hai Tumne (2003) featured him alongside Esha Deol and Zayed Khan.
[30] Since he appeared in Bigg Boss before the contract would expire—one year from June 2006—the Bombay High Court ordered him not to act in any TV shows on other channels that are considered rivals for Sony Television.
[24] As a result of this his wife Parineeta decided to settle with her parent in Pune with their children, leaving Ankola isolated.
[24] After his recovery in January 2010, Ankola sent a legal notice to his wife demanding mutual consent for separation.
On 22 December 2013, Parineeta's body was found hanging from the ceiling fan of her room at her residence in Geeta Society, Salisbury Park, in Pune.