An investigation by the Central Bureau of Investigation ( CBI) into industrialist Anil Ambani and his company Reliance Communications has no impact on Reliance Power and Reliance Infrastructure, the two companies said in separate releases on Sunday.
The clarification comes a day after CBI conducted search operations in Mumbai at Ambani's house and the offices of the now-insolvent Reliance Communications on Saturday following complaints by the State Bank of India (SBI) about alleged fraud of Rs 2,929 crore, the agency said.
Anil Ambani, through a spokesperson, said on Saturday he strongly denies all allegations and would defend any charges.
Also read: After SBI, Bank of India tags Reliance Comm's loan a/c as fraud, Anil Ambani's a/c included
The action by CBI has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of either Reliance Power or Reliance Infrastructure, the companies' statements said.
Ambani has not been on the board of Reliance Infrastructure or Reliance Power for more than three-and-a-half years and therefore any action in relation to Reliance Communications has no bearing or impact on the governance, management, or operations of the other two companies, the releases said.
According to an FIR, SBI claimed that Reliance Communications, Reliance Telecom Ltd., and Reliance Infratel Ltd. together raised Rs 31,580 crore from various lenders. The complaint further alleged misrepresentation, diversion of funds, and fraudulent transactions by the company and connected individuals.
In July, Enforcement Directorate (ED) also searched 35 locations linked to Reliance Group as part of an investigation into alleged money laundering and siphoning of public funds. However, the Group denied those allegations.
The clarification comes a day after CBI conducted search operations in Mumbai at Ambani's house and the offices of the now-insolvent Reliance Communications on Saturday following complaints by the State Bank of India (SBI) about alleged fraud of Rs 2,929 crore, the agency said.
Anil Ambani, through a spokesperson, said on Saturday he strongly denies all allegations and would defend any charges.
Also read: After SBI, Bank of India tags Reliance Comm's loan a/c as fraud, Anil Ambani's a/c included
The action by CBI has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of either Reliance Power or Reliance Infrastructure, the companies' statements said.
Ambani has not been on the board of Reliance Infrastructure or Reliance Power for more than three-and-a-half years and therefore any action in relation to Reliance Communications has no bearing or impact on the governance, management, or operations of the other two companies, the releases said.
According to an FIR, SBI claimed that Reliance Communications, Reliance Telecom Ltd., and Reliance Infratel Ltd. together raised Rs 31,580 crore from various lenders. The complaint further alleged misrepresentation, diversion of funds, and fraudulent transactions by the company and connected individuals.
In July, Enforcement Directorate (ED) also searched 35 locations linked to Reliance Group as part of an investigation into alleged money laundering and siphoning of public funds. However, the Group denied those allegations.
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