On Saturday, India’s federal investigative agency announced the initiation of a criminal case against industrialist Anil Ambani and his firm, Reliance Communications, following a fraud allegation by the country’s largest bank.
The State Bank of India accused Anil Ambani, the younger sibling of billionaire Mukesh Ambani, and Reliance Communications of defrauding the bank, resulting in a loss of 30 billion Indian rupees ($344 million).
The Central Bureau of Investigation conducted raids in Mumbai at Anil Ambani’s residence and the offices of the now-bankrupt Reliance Communications, as stated in a press release.
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The agency claimed that Anil Ambani and his company diverted bank funds for unauthorized uses.
Representatives for Ambani and Reliance Communications did not immediately reply to requests for comment.
Last month, India’s Enforcement Directorate searched 35 locations related to Reliance Group as part of an investigation into alleged money laundering and public fund diversion, according to a government source cited by Reuters.
Reliance Group did not respond to requests for comment at that time, although a group insider refuted the allegations.
($1 = 87.3260 Indian rupees)
