India’s Central Bureau of Investigation (CBI) has opened a criminal case against tycoon Anil Ambani following a complaint from the State Bank of India (SBI), which accuses him and his former telecom company, Reliance Communications, of fraud and misappropriation of funds.
SBI alleges that Reliance Communications entered into transactions that violated loan terms, leading to losses of 29.29 billion rupees ($335 million). The CBI confirmed on Saturday that it had registered the case and launched searches at premises linked to Reliance Communications as well as Ambani’s Mumbai residence.
Ambani, the younger brother of Asia’s richest man, Mukesh Ambani, denied the charges through a spokesperson, saying he “strongly denies all allegations and charges” and vowed to defend himself. “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of the company, with no involvement in day-to-day management,” the spokesperson said, adding that the bank had already withdrawn proceedings against five other non-executive directors, yet Ambani had been “selectively singled out.”
Ambani, once a high-profile industrialist with business interests spanning power, finance, and defence, has faced financial troubles in recent years. His name last dominated headlines in 2018, when opposition leader Rahul Gandhi accused Prime Minister Narendra Modi of favouritism towards him in India’s controversial Rafale jet deal. Both Ambani and Modi denied the allegations, and the Supreme Court dismissed calls for an investigation, finding no evidence of wrongdoing.
The latest case marks another blow to Ambani’s declining business empire and signals intensified scrutiny of corporate governance and banking practices in India’s financial sector.