India’s national investigative bureau opened a criminal case against tycoon Anil Ambani after receiving a complaint from the country’s biggest bank alleging fraud, the agency said on Saturday.

Anil, the younger sibling of Asia’s richest man, Mukesh Ambani, has business interests that range from power to defence.

The State Bank of India (SBI) alleged Anil and his former telecom firm, Reliance Communications, “misappropriated” bank funds by entering into transactions that violated the terms of the loans.

SBI claims it was hit with a loss of 29.29 billion rupees ($335.4 million) as a result of their actions.

The Central Bureau of Investigation said it had registered a case and that the bank’s complaint would be subjected to “thorough investigation”.

The agency searched premises linked to Reliance Communications and Anil’s residence on Saturday.

His spokesperson said the tycoon “strongly denies all allegations and charges” and “will duly defend himself”.

“The complaint filed by SBI pertains to matters dating back more than 10 years. At the relevant time, Ambani was a non-executive director of the company, with no involvement in the day-to-day management,” the spokesperson said.

“It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other non-executive directors. Despite this, Ambani has been selectively singled out.”

Anil was last in the public spotlight seven years ago after Indian politician Rahul Gandhi accused Indian Prime Minister Narendra Modi and him of dodgy dealings related to the purchase of Rafale jets from France — allegations that both denied.

India’s Supreme Court in December 2018 dismissed calls for an investigation into the controversial jet deal, saying it did “not find any substantial material on record to show that this is a case of commercial favouritism to any party by the Indian government”.