Nov 04, Kathmandu - India's top financial crime investigation agency, the Enforcement Directorate (ED), has said it has seized assets worth over $846 million from various companies linked to tycoon Anil Ambani, as part of a major probe into bank fraud and money laundering.

Anil Ambani, the younger brother of Asia's richest man Mukesh Ambani, has been embroiled in controversy over the past two decades as his business empire has declined. Once the owner of a vast business empire spanning energy, telecommunications and defense, he is now at the center of investigations into various financial irregularities.

The ED said in a statement issued on Monday evening that it has frozen assets including office premises, residential units and about 132 acres (53 hectares) of land. The agency said, “Various companies of the Reliance Anil Ambani group have fraudulently misappropriated public funds and the agency has made it clear that it is committed to restoring these illegal proceeds to the rightful claimants.”

The ED's investigation was initiated on the basis of a criminal case filed by India's Central Bureau of Investigation (CBI) in August. The case is said to have arisen from a fraud complaint filed by the country's largest bank, State Bank of India (SBI). The complaint alleged that Reliance Communications had misused bank funds and caused a loss of about Rs 29.29 billion.

Meanwhile, Anil Ambani's Reliance Infrastructure issued a statement on Monday saying the ED's decision would have "no impact" on its regular business operations. A company spokesperson said on behalf of Ambani, "He has strongly denied all the allegations and will defend himself legally."