CBI Investigates Anil Ambani in $335M SBI Loan Fraud Case
CBI Launches Fraud Probe Into Anil Ambani Over $335M SBI Loan Case
NEW DELHI: The Central Bureau of Investigation (CBI) has initiated a criminal case against Indian billionaire Anil Ambani following a complaint by the State Bank of India (SBI), which accuses him of loan fraud and fund misappropriation, officials said on Saturday.
Anil Ambani, the younger brother of Mukesh Ambani, currently Asia’s richest man, has diversified business ventures spanning power, telecom, and defense industries.
According to the complaint, SBI alleges Ambani and his former telecom firm Reliance Communications misused loan funds through transactions that violated agreed terms. The bank claims a financial loss of 29.29 billion rupees (approximately $335.4 million) resulted from these actions.
The CBI confirmed that a case has been registered and a comprehensive investigation is underway. On Saturday, the agency carried out search operations at properties linked to Reliance Communications and Ambani’s residence in Mumbai.
A spokesperson for Ambani stated:
“Mr. Ambani categorically denies all allegations and will vigorously defend himself. The matter dates back more than a decade, when he was serving as a non-executive director without involvement in daily operations. It is notable that SBI has already withdrawn proceedings against five other non-executive directors, yet Ambani has been selectively targeted.”
Ambani last made headlines nearly seven years ago, when opposition leader Rahul Gandhi accused him and Prime Minister Narendra Modi of wrongdoing over the Rafale fighter jet deal with France. Both denied the allegations, and in December 2018, the Supreme Court of India dismissed calls for further investigation, citing no evidence of commercial favoritism.
For more information on the Central Bureau of Investigation, visit Wikipedia.
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