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A criminal case has been opened against Indian billionaire Anil Ambani by the country’s federal investigation agency after a complaint was filed by the largest bank accusing him of fraud, the agency announced Saturday. Anil, the younger brother of Mukesh Ambani, Asia’s wealthiest person, has business ventures spanning power and defense sectors.
The State Bank of India (SBI) alleges that Ambani and his former telecom company, Reliance Communications, misused bank funds through transactions that violated loan terms. SBI reports losses of approximately 29.29 billion Indian Rupees (around $335.4 million) attributable to these actions.
The Central Bureau of Investigation (CBI) confirmed it had registered a case and promised a thorough investigation into the complaint. On Saturday, authorities also searched locations associated with Reliance Communications as well as Ambani’s residence.
Ambani’s spokesperson issued a statement denying all the allegations, asserting that the businessman “will defend himself vigorously.” They added, “The SBI complaint relates to issues over a decade old. At that time, Mr. Ambani was a Non-Executive Director, not involved in daily management. It is worth noting that SBI has already withdrawn proceedings against five other Non-Executive Directors, yet Mr. Ambani has been uniquely targeted.”
It has been nearly seven years since Ambani made headlines when Rahul Gandhi accused Prime Minister Narendra Modi and him of shady dealings related to the controversial purchase of Rafale fighter jets from France—claims both men denied. The Supreme Court of India dismissed investigations into the deal in December 2018, stating there was no substantial evidence suggesting the Indian government favored any party commercially.
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