Anil Ambani | Pakistan

India’s top financial crimes agency said it had seized properties worth over $846 million from firms linked to beleaguered tycoon Anil Ambani as part of a bank fraud probe. Anil, the younger sibling of Asia’s richest person, Mukesh Ambani, has business interests ranging from power to defence, but has seen his fortunes wane over the last two decades. In recent months, the industrialist has attracted law enforcement scrutiny with investigators probing alleged crimes ranging from diversion of bank loans to money laundering. On Monday evening, the Enforcement Directorate (ED) said it had frozen assets worth more than Rs75 billion, including office premises, residential units and over 132 acres (53 hectares) of land as part of its investigation. The agency said it had “detected fraudulent diversion of public money by various Reliance Anil Ambani group companies” and that it was “committed to restituting” the proceeds of these crimes to “their rightful claimants”. The ED also said it had initiated the probe based o...

MUMBAI: India’s federal investigating agency said on Saturday it had opened a criminal case against industrialist Anil Ambani and his company Reliance Communications Ltd (RLCM.NS), opens new tab following a complaint by India’s largest bank about alleged fraud. State Bank of India alleged that Anil Ambani, the younger brother of billionaire Mukesh Ambani, and Reliance […]

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 on 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 and his former telecom firm, Reliance Communications, “misappropriated” bank funds by entering into transactions that violated the terms of the loans. SBI claims it was hit with a loss of 29.29 billion rupees ($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’s residence on Saturday. His spokesperson said the tycoon “strongly denies all allegations and charges” and “will duly defend himself”. “The complaint filed by SBI pertains to matters dating back...