Anil Ambani has denied all allegations of fraud after the Central Bureau of Investigation (CBI) searched his Mumbai residence and Reliance Communications’ offices following a complaint by State Bank of India (SBI). The bank alleged wrongful losses of Rs 2,929 crore linked to loans sanctioned to the telecom company. A forensic audit flagged fund diversion and questionable transactions with group firms. Ambani maintains he was not involved in management decisions and will challenge the charges in court.