India’s financial crime agency has carried out multiple raids at premises linked to Reliance’s Anil Ambani Group in connection with alleged money laundering, state-run Doordarshan news reported.

Over 35 premises in the financial capital, Mumbai, belonging to 50 companies and 25 persons are being searched under the Prevention of Money Laundering Act, the Press Trust of India reported.

Quoting sources, the report said the agency is probing allegations of “illegal loan diversion” of around $350 million, given to the group companies of Ambani between 2017 and 2019.

The loans are alleged to have been diverted to many group companies and shell companies by the entities involved, the report said.

The agency alleged the group orchestrated a “well-planned” scheme to syphon off bank loans.

Reliance is accused of paying bribes to Yes Bank officials, the source said, adding that loan approvals violated the bank’s processes.

Anil Ambani is the younger sibling of Asia’s wealthiest person, Mukesh Ambani, and as recently as 2008 was ranked the sixth-richest person globally.

Currently chair of the Reliance Group, he has, however, suffered business setbacks in the intervening years.

Last month, reports emerged that the Indo-French joint venture (JV) between Dassault Aviation, which manufactures Rafale fighter jets, and Anil Ambani-owned Reliance Aerostructure was likely to be dissolved, as the French company has reportedly decided to pull out of the JV, Dassault Reliance Aerostructure (DRAL).

The decision was taken due to Ambani’s “inability to make the investment required to keep the joint venture going.”