India's federal agency initiates criminal proceedings against Anil Ambani and his firm.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 23 2025
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Source: Reuters
Criminal Case Against Anil Ambani: India's federal investigating agency has opened a criminal case against industrialist Anil Ambani and Reliance Communications following allegations of fraud by the State Bank of India.
Allegations of Fraud: The State Bank of India claims that Ambani and his company defrauded the bank, resulting in losses of approximately 30 billion Indian rupees ($344 million).
Search Operations Conducted: The Central Bureau of Investigation conducted searches at Anil Ambani's residence and the offices of Reliance Communications as part of the investigation.
Denial of Allegations: A spokesperson for Anil Ambani stated that he strongly denies all allegations and intends to defend himself against the charges.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
