Indian Tycoon Anil Ambani Booked in Major Bank Fraud Case

Indian billionaire Anil Ambani, younger brother of Mukesh Ambani, faces a serious bank fraud case. India’s federal investigation agency registered a case after receiving a complaint from the State Bank of India (SBI). The bank claims heavy financial losses caused by Ambani’s group companies. This has now become one of the largest fraud cases involving a top business family in India.

According to reports, the SBI accused Anil Ambani of fraud worth nearly 29 billion Indian rupees. The bank said it suffered these losses after lending money to his companies. Investigators stated that they will conduct a full probe into the matter. They also confirmed that Ambani has been named as the main suspect.

Meanwhile, the Central Bureau of Investigation (CBI) has taken charge of the complaint. Officials announced that they would question Ambani and examine the company’s financial dealings. They added that the investigation will be handled with strict legal procedures. However, they did not reveal any timeline for completion of the inquiry.

On the other hand, Ambani’s spokesperson strongly denied all allegations. They said he would defend himself against every charge. The spokesperson added that the case was based on false claims and misleading information. They also stressed that Ambani had always followed lawful practices in his business dealings.

Earlier this month, the Enforcement Directorate (ED) also launched a separate action against Anil Ambani. Authorities issued a lookout circular preventing him from leaving India without court permission. The ED alleged a 3,000 crore rupee loan fraud and money laundering case. In addition, officials raided more than 35 Reliance Group offices across several cities.