India investigator files criminal case against tycoon Anil Ambani
The brother of Asia’s richest man has been accused of fraud by the State Bank of India
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 telecoms 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 29.29 billion rupees (US$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.