Reliance Power and Reliance Infrastructure said Sunday that a criminal investigation into billionaire Anil Ambani and his former telecom firm Reliance Communications will not affect their businesses.
India’s Central Bureau of Investigation (CBI) searched Ambani’s Mumbai home and the offices of the now-bankrupt Reliance Communications on Saturday. The raids followed a complaint from State Bank of India, the country’s largest lender, over alleged fraud.
Ambani has denied the accusations through a spokesperson, saying he will fight any charges.
In statements, Reliance Power and Reliance Infrastructure stressed that their business operations, financial performance, shareholders, and employees remain unaffected. They also noted that Ambani has not been on their boards for more than three and a half years, meaning the CBI case tied to Reliance Communications has no link to their governance or management.
The case comes just weeks after India’s Enforcement Directorate searched 35 properties linked to the Reliance Group in a separate investigation into suspected money laundering and misuse of public funds. At the time, Reliance did not comment, though a source within the group rejected the allegations.
