India’s national investigative bureau opened a criminal case against tycoon Anil Ambani after receiving a complaint from the country’s biggest bank alleging fraud, the agency said Saturday.
Anil, the younger sibling of Asia’s richest man Mukesh Ambani, has business interests that range from power to defence.
The State Bank of India (SBI) alleged Anil Ambani and his former telecom firm Reliance Communications “misappropriated” bank funds by entering into transactions that were in violation of the terms of the loans.
SBI claims it was hit with a loss of INR 29.29 billion ($335.4 million) as a result of their actions.
The Central Bureau of Investigation said it had registered a case and that the bank’s complaint would be subjected to “thorough investigation”.
The agency searched premises linked to Reliance Communications and Anil Ambani’s residence on Saturday.
Ambani’s spokesperson said the tycoon “strongly denies all allegations and charges” and “will duly defend himself”.
“The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Mr. Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management,” the spokesperson said.
