• Anil Ambani faces criminal charges after an investigation into alleged bank fraud.
• The State Bank of India claims losses of over $335 million due to misappropriation of funds.
• The Central Bureau of Investigation conducted searches at Ambani's residence and company offices.
• Ambani’s spokesperson refutes allegations, citing lack of involvement in day-to-day operations.
• This investigation revives scrutiny over past controversies involving Ambani.

India's federal investigative agency announced it has opened a criminal case against industrialist Anil Ambani, following a complaint from the State Bank of India (SBI) alleging fraud. The complaint details that Ambani and his former telecom firm, Reliance Communications, misused bank funds, leading to losses estimated at approximately 29.29 billion rupees ($335.4 million), according to Reuters, Dawn, Channel News Asia, and South China Morning Post.

The Central Bureau of Investigation conducted search operations at various locations associated with Ambani, including his residence and the offices of Reliance Communications. The agency emphasized that it will conduct a thorough investigation into the complaint made by SBI, as reported by Reuters and Dawn.

Ambani's spokesperson has strongly denied all allegations, stating that the complaint relates to issues from over a decade ago when Ambani was a non-executive director and not involved in daily operations. The spokesperson indicated that this situation is particularly concerning since SBI has previously withdrawn proceedings against five other non-executive directors, suggesting selective targeting, according to Channel News Asia and South China Morning Post.

This case brings renewed scrutiny on Ambani, who last faced significant public criticism seven years ago over allegations related to the procurement of Rafale jets, which were also dismissed by India's Supreme Court, reinforcing the absence of evidence for favoritism in the deal, according to Dawn and South China Morning Post.