India's federal investigating agency said on Saturday it had opened a criminal case against industrialist Anil Ambani and his company Reliance Communications Ltd following a complaint by India's largest bank about alleged fraud, reports AFP.
State Bank of India alleged that Anil Ambani, the younger brother of billionaire Mukesh Ambani, and Reliance Communications defrauded the bank, causing 30 billion Indian rupees ($344 million) of losses.
India's Central Bureau of Investigation conducted search operations in Mumbai at Anil Ambani's house and the offices of the now insolvent Reliance Communications, the agency said in a press statement.
A spokesperson for Ambani told Reuters that the searches at his residence concluded early this afternoon.
India's federal investigator opens criminal case against Anil Ambani
FE Team | Published: August 25, 2025 01:16:21
India's federal investigator opens criminal case against Anil Ambani
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