June 26, 2026
India's financial markets regulator has rejected applications by industrialist Anil Ambani and his corporate group to settle allegations of misusing almost $700 million of company funds, documents reviewed by Reuters show.
The Securities and Exchange Board of India last week rejected the requests over allegations that Ambani and Reliance Infrastructure were involved in improperly routing 65.26 billion rupees ($691 million) to entities related to controlling shareholder Ambani, the documents show.
Ambani, the younger brother of billionaire Mukesh Ambani, has faced growing scrutiny from regulators and enforcement agencies over the past 18 months. Several group executives have been arrested on fraud charges and some of Anil Ambani's properties have been frozen. The executives have denied wrongdoing, and the cases are still in the courts.
The documents reviewed by Reuters show that SEBI alleged in September that the transactions involving Ambani and Reliance Infrastructure were a "mis-utilisation of company funds", as they could potentially be for personal enrichment rather than serving a corporate purpose for public shareholders.
