MUMBAI (Reuters) -A criminal investigation into Indian 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.
On Saturday, India’s Central Bureau of Investigation (CBI) conducted search operations in Mumbai at Ambani’s house and the offices of the now-insolvent Reliance Communications following complaints by the country’s largest bank, State Bank of India, about alleged fraud, the agency said.
Ambani, through a spokesperson, said on Saturday he strongly denies all allegations and would defend any charges.
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 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.
Last month, India’s Enforcement Directorate also searched 35 locations linked to Reliance Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source told Reuters.
Reliance Group did not respond to a request for comment at the time, but a source at the group denied the allegations.
(Reporting by Swati Bhatl; Editing by Lincoln Feast)
