India’s national investigative agency has launched a criminal investigation against tycoon Anil Ambani following a fraud complaint from the country’s largest bank, the agency announced late Saturday.
Anil, the younger brother of Asia’s richest man Mukesh Ambani, is involved in industries ranging from power to defense.
The State Bank of India (SBI) accused Anil Ambani and his former telecom company, Reliance Communications, of “misappropriating” bank funds by engaging in transactions that breached loan terms.
SBI reported a financial loss of 29.29 billion rupees ($335.4 million) due to these actions.
The Central Bureau of Investigation confirmed that a case has been filed and assured that the complaint will undergo a “thorough investigation.”
The agency conducted searches at properties linked to Reliance Communications and Anil Ambani’s residence on Saturday.
Anil Ambani’s spokesperson stated that the tycoon “strongly denies all allegations and charges” and “will adequately defend himself.”
“The complaint from State Bank of India (SBI) relates to issues over 10 years old. At that time, Mr. Ambani was a Non-Executive Director of the company, with no involvement in its daily operations,” the spokesperson explained.
“It’s noteworthy that SBI has already withdrawn proceedings against five other Non-Executive Directors, yet Mr. Ambani has been selectively targeted.”
Anil Ambani was last in the public eye seven years ago when Indian politician Rahul Gandhi accused him and Prime Minister Narendra Modi of questionable dealings in the Rafale jet purchase from France—allegations both denied.
In December 2018, India’s Supreme Court dismissed calls for an investigation into the controversial jet deal, stating there was “no substantial evidence of commercial favoritism by the Indian government.”
