Former World’s Sixth Richest Anil Ambani Accused of Embezzling 460 Billion Won

Indian businessman Anil Ambani, who was once the world's sixth richest person, is under investigation for allegedly embezzling bank funds worth approximately 460 billion won.

According to AFP and other sources on August 24 (local time), India's Central Bureau of Investigation (CBI) is investigating former Reliance Communications chairman Anil Ambani on fraud charges following a complaint by the state-run State Bank of India (SBI). SBI claims that Anil and his former telecommunications company caused losses amounting to 29.29 billion rupees (about 460 billion won) through transactions that violated loan conditions. As a result, investigators conducted raids on Anil's residence and the Reliance Communications office the previous day.

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Anil's side has completely denied the charges and announced plans for legal action. His spokesperson stated, "SBI's complaint concerns a matter that is over a decade old, and at the time, Anil was only a non-executive director and was not involved in day-to-day management." The spokesperson also argued, "SBI has withdrawn lawsuits against other directors regarding the same matter, yet Anil has been selectively targeted."

In 2008, Anil ranked sixth among the world's wealthiest individuals with assets of $42 billion (about 50 trillion won). However, after his father and Reliance Group founder Dhirubhai Ambani passed away in 2002, Anil split from his elder brother Mukesh Ambani following a management dispute, taking charge of the telecommunications, power, and financial sectors. Subsequently, Reliance Communications faced a debt default crisis and withdrew from the market in 2017. In 2016, Mukesh broke their agreement and established Reliance Jio, entering the telecom market and outcompeting Anil.

Afterward, Anil attempted to expand into finance, entertainment, and real estate, but most of these ventures ended in failure. Ultimately, in 2020, he admitted that he was "bankrupt." In contrast, his brother Mukesh Ambani has grown Reliance Industries based on oil, gas, and petrochemicals, becoming the richest person in Asia.

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