India’s Enforcement Directorate seizes properties worth over $846 million from Anil Ambani’s firms in bank fraud investigation.
MUMBAI: India’s top financial crimes agency has seized properties worth over $846 million from companies linked to tycoon Anil Ambani as part of a bank fraud investigation.
The Enforcement Directorate announced it had frozen assets worth more than 75 billion rupees, including office premises, residential units and over 132 acres of land.
The agency said it had “detected fraudulent diversion of public money by various Reliance Anil Ambani group companies” and was “committed to restituting” the proceeds to “their rightful claimants”.
Anil Ambani, younger brother of Asia’s richest person Mukesh Ambani, has seen his business fortunes decline over the past two decades despite interests spanning power to defence sectors.
The investigation follows a criminal case filed by India’s Central Bureau of Investigation in August based on a State Bank of India fraud complaint.
India’s largest lender claimed it suffered losses of 29.29 billion rupees after Reliance Communications allegedly “misappropriated” bank funds.
Reliance Infrastructure, an Ambani-controlled firm, stated the asset seizure would have “no impact” on business operations.
A Reliance spokesperson previously said the tycoon “strongly denies all allegations and charges” and “will duly defend himself”.
Ambani last faced public scrutiny seven years ago when opposition leader Rahul Gandhi accused him and Prime Minister Narendra Modi of questionable dealings in France’s Rafale jet purchase.
India’s Supreme Court dismissed calls for a probe into the jet deal in December 2018. – AFP
