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Reliance Power and Reliance Infrastructure in India say the criminal case against Anil Ambani has no impact on their business

Reliance Power & Reliance Infrastructure said that the criminal investigation of Indian industrialist Anil Ambani, and his company Reliance Communications, has no effect on their respective companies.

The agency reported that the Central Bureau of Investigation in India (CBI), which is the nation's largest banking institution, State Bank of India, had complained about fraud. They conducted searches at Ambani’s home and offices of Reliance Communications, now insolvent, on Saturday.

Ambani's spokesperson said that he strongly denied all allegations on Saturday and would defend himself against any charges.

Statements from Reliance Power and Reliance Infrastructure said that the action taken by CBI had no impact on their business operations, financial results, employees or other stakeholders.

The releases stated that Ambani had not served on the boards of Reliance Power or Reliance Infrastructure for more than three and a half years. Therefore, any action taken in relation to Reliance Communications will have no impact or bearing on the governance, management or operations of these two companies.

A government source said that Enforcement Directorate in India also searched 35 Reliance Group locations last month as part of a probe into allegations of money laundering and siphoning public funds.

Reliance Group declined to comment on the allegations at the time. However, a source within the group denied them. (Reporting and editing by Swati Feast; reporting by Swati Bhatl)

(source: Reuters)