Ambani\u2019s spokesperson says the tycoon \u201cstrongly denies all allegations and charges\u201d and \u201cwill duly defend himself\u201d
\n MUMBAI
\nIndia\u2019s national investigative bureau opened a criminal case against tycoon Anil Ambani after receiving a complaint from the country\u2019s biggest bank alleging fraud, the agency said Saturday.
\nAnil, the younger sibling of Asia\u2019s richest man Mukesh Ambani, has business interests that range from power to defence.
\nThe State Bank of India (SBI) alleged Anil Ambani and his former telecom firm Reliance Communications \u201cmisappropriated\u201d bank funds by entering into transactions that were in violation of the terms of the loans.
\nSBI claims it was hit with a loss of INR 29.29 billion ($335.4 million) as a result of their actions.
\nThe Central Bureau of Investigation said it had registered a case and that the bank\u2019s complaint would be subjected to \u201cthorough investigation\u201d.
\nThe agency searched premises linked to Reliance Communications and Anil Ambani\u2019s residence on Saturday.
\nAmbani\u2019s spokesperson said the tycoon \u201cstrongly denies all allegations and charges\u201d and \u201cwill duly defend himself\u201d.
\n\u201cThe complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Mr. Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management,\u201d the spokesperson said.
\n\u201cIt is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other Non-Executive Directors. Despite this, Mr. Ambani has been selectively singled out.\u201d
\nAnil Ambani was last public spotlight seven years ago after Indian politician Rahul Gandhi accused Indian Prime Minister Narendra Modi and him of dodgy dealings related to the purchase of Rafale jets from France\u2013allegations that both denied.
\nIndia\u2019s Supreme Court in December 2018 dismissed calls for an investigation into the controversial jet deal, saying it did \u201cnot find any substantial material on record to show that this is a case of commercial favouritism to any party by the Indian government\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ambani\u2019s spokesperson says the tycoon \u201cstrongly denies all allegations and charges\u201d and \u201cwill duly defend himself\u201d MUMBAI India\u2019s national investigative bureau opened a criminal case against tycoon Anil Ambani after receiving a complaint from the country\u2019s biggest bank alleging fraud, the agency said Saturday. Anil, the younger sibling of Asia\u2019s richest man Mukesh Ambani, has […]<\/p>\n","protected":false},"author":2,"featured_media":498677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-498669","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n