India's financial crime agency raids firms linked to Anil Ambani's Reliance Group

By Anadolu staff

ANKARA (AA) – India’s financial crime agency on Thursday carried out multiple raids at premises linked to Reliance’s Anil Ambani Group, in connection with alleged money laundering, state-run Doordarshan news reported.

Over 35 premises in the financial capital Mumbai belonging to 50 companies and 25 persons are being searched under the Prevention of Money Laundering Act, the Press Trust of India reported.

Quoting sources, the report said the agency is probing allegations of “illegal loan diversion” of around 30 billion Indian rupees ($350 million), given to the group companies of Ambani between 2017 and 2019.

The loans are alleged to have been diverted to many group companies and shell companies by the entities involved, the report said.

Anil Ambani is the younger sibling of Asia’s wealthiest person, Mukesh Ambani, and as recently as 2008 was ranked the sixth-richest person globally. Currently chair of the Reliance Group, he has however suffered businesses setbacks in the intervening years.