India’s top financial crimes agency has announced the freezing of assets worth over $846 million from companies linked to embattled tycoon Anil Ambani, as part of a widening investigation into alleged bank fraud.
Anil Ambani, the younger brother of Asia’s wealthiest man Mukesh Ambani, has seen his fortunes decline in recent years despite his vast business empire, which spans industries including power and defence. In recent months, he has come under increasing scrutiny from law enforcement, with investigators probing allegations of financial crimes ranging from the diversion of bank loans to money laundering.
On Monday, the Enforcement Directorate (ED) revealed that it had seized assets worth more than 75 billion rupees, including office buildings, residential properties, and over 132 acres of land, as part of its ongoing probe. The agency stated that it had uncovered evidence of fraudulent diversion of public funds by various companies within the Reliance Anil Ambani group and expressed its commitment to ensuring that the proceeds of these crimes are returned to their rightful claimants.
The ED’s investigation follows a criminal case filed by the Central Bureau of Investigation (CBI) in August. The case stems from a fraud complaint lodged by the State Bank of India (SBI), which claims to have suffered a loss of 29.29 billion rupees due to the alleged misappropriation of funds by Reliance Communications, a company owned by Anil Ambani.
In response to the ED’s actions, Reliance Infrastructure, another company under Ambani’s control, issued a statement on Monday insisting that the seizure of its assets would have “no impact” on its business operations.
A spokesperson for the Reliance group has previously denied all allegations, stating that Anil Ambani “strongly denies all allegations and charges” and would “duly defend himself” against the accusations.
The investigation has revived attention on Ambani’s financial troubles, which have plagued him over the past two decades. Anil Ambani’s name was last in the public spotlight in 2018 when Indian opposition leader Rahul Gandhi accused him and Prime Minister Narendra Modi of corruption linked to the purchase of Rafale fighter jets from France. Both Ambani and Modi denied the allegations, and in December 2018, the Supreme Court of India dismissed calls for further investigation into the deal.