India’s Central Bureau of Investigation (CBI) has launched a criminal probe into billionaire Anil Ambani following a complaint by the State Bank of India (SBI) accusing him of loan fraud and misappropriation of funds.
The CBI confirmed on Saturday that it had registered a case against Ambani and his former telecom company, Reliance Communications, after SBI alleged the firm entered into transactions that violated loan terms, causing losses of 29.29 billion rupees (about $335.4 million).
AFP reports that investigators also searched properties linked to Reliance Communications and Ambani’s residence as part of the inquiry.
Ambani, the younger brother of Asia’s richest man Mukesh Ambani, denied any wrongdoing. His spokesperson said the allegations date back over a decade and insisted that Ambani was only a non-executive director of the company at the time, with no role in daily operations.
“The complaint filed by SBI pertains to matters dating back more than 10 years. At the relevant time, Ambani was a non-executive director of the company, with no involvement in the day-to-day management,” the spokesperson said, adding that the businessman has been “selectively singled out” despite SBI withdrawing proceedings against other non-executive directors.
The case adds to the long-running scrutiny around the tycoon, who previously faced controversy in 2018 when opposition leader Rahul Gandhi accused him and Prime Minister Narendra Modi of irregularities in a Rafale fighter jet deal with France. Both denied the allegations, and India’s Supreme Court later ruled out any probe, citing lack of evidence.