MUMBAI – India’s top investigative agency has launched a criminal case against industrialist Anil Ambani and his company Reliance Communications Ltd after the country’s largest bank accused them of fraud worth 30 billion rupees ($344 million).
The Central Bureau of Investigation (CBI) confirmed on Saturday that it has registered the case following a complaint from State Bank of India (SBI). Investigators carried out search operations at Ambani’s Mumbai home and the offices of the now-bankrupt Reliance Communications.
A spokesperson for Ambani said the searches ended on Saturday afternoon and dismissed the allegations. “Mr. Ambani strongly denies all allegations and charges, and will duly defend himself,” the spokesperson told Reuters.
According to the CBI, Ambani and Reliance Communications diverted bank funds for purposes other than those agreed upon in loan terms. SBI has not yet commented publicly.
The case adds to growing scrutiny of the Reliance Group. Just last month, India’s Enforcement Directorate raided 35 locations tied to the conglomerate as part of a separate probe into suspected money laundering and misuse of public funds. Reliance Group did not respond to requests for comment at the time, but a source within the company rejected the claims.
Anil Ambani, the younger brother of Asia’s richest man Mukesh Ambani, has faced financial troubles for years as parts of his once-sprawling business empire collapsed under heavy debt.
