The Central Bureau of Investigation has registered a criminal case against Reliance Communications Ltd, its former director Anil Ambani and several other people after a fraud complaint from the State Bank of India.

The SBI, the country’s biggest lender by assets, alleged it faced the wrongful loss of 29.3 billion rupees ($335 million) after the accused engaged in a criminal conspiracy to misrepresent and sanction credit facilities in favor of the company, according to a statement on Saturday. The accusations also point to mis-utilization and diversion of loan funds.

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The complaint pertains to matters dating back more than 10 years when Ambani held the position of non-executive director “with no involvement in the day-to-day management,” a spokesperson for the businessman said in a text message. Ambani strongly denies all allegations and charges, and is challenging the claims through the relevant judicial channels, according to the spokesperson.

Spokespeople at Reliance Communications, the SBI and the CBI were not immediately available to comment.  

The investigative agency said it obtained search warrants on Aug 22, allowing a formal inspection on Saturday of the Reliance Communications premises and the residence of Ambani, the younger brother of billionaire Mukesh Ambani.

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“The searches are still continuing,” the agency said in the statement.

The value of companies controlled by Anil Ambani’s Reliance Group has been eroded in recent years amid a prolonged struggle to repay debt and expand various businesses, with some even facing bankruptcy. Earlier this month, Reuters reported that India’s market regulator rejected a plea by Ambani to settle charges related to investments in the lender Yes Bank.