The National Office of Investigation of India opened a criminal case against the tycoon Anil Ambani after receiving a complaint from the largest bank in the country alleging fraud, the agency said on Saturday.
Anil, the younger brother of the richest man in Asia, Mikesh Ambani, has commercial interests ranging from power to defense.
The State Bank of India (SBI) claimed that Anil and its former telecommunications firm, Reliance Communications, “embezzlement” banking funds when celebrating transactions that violated the terms of the loans.
SBI states that it was beaten with a loss of 29.29 billion rupees ($ 335.4 million) as a result of its shares.
The Central Research Office said that it had registered a case and that the Bank complaint would be subject to “exhaustive research.”
The agency registered premises linked to Reliance Communications and Anil’s residence on Saturday.
His spokesman said that the tycoon “strongly denies all accusations and charges” and “will defend himself properly.”
“The complaint filed by SBI refers to issues that date more than 10 years. At the pertinent time, Ambani was a non -executive director of the company, without participating in daily management,” said the spokesman.
“It is pertinent to keep in mind that SBI, by its own order, has already withdrawn the procedures against five other non -executive directors. Despite this, Ambani has been selectively marked.”
Anil was the last in the public focus seven years after the Indian politician Rahul Gandhi accused Indian Prime Minister Narendra Modi and he of unreliable deals related to the purchase of Rafale airplanes of France, accusations that both denied.
The Supreme Court of India in December 2018 dismissed the calls for investigation into the controversial according to Jet, saying that “it did not find any substantial material recorded to demonstrate that this is a case of commercial favoritism for any part by the Indian government.”
