India’s federal investigating agency said on Saturday it had opened a criminal case against industrialist Anil Ambani and his company Reliance Communications Ltd following a complaint by India’s largest bank about alleged fraud.

State Bank of India alleged that Anil Ambani, the younger brother of billionaire Mukesh Ambani, and Reliance Communications defrauded the bank, causing 30 billion Indian rupees ($344 million) of losses.

India’s Central Bureau of Investigation conducted search operations in Mumbai at Anil Ambani’s house and the offices of the now insolvent Reliance Communications, the agency said in a press statement.

A spokesperson for Ambani told Reuters that the searches at his residence concluded early this afternoon. “Mr. Ambani strongly denies all allegations and charges, and will duly defend himself,” the spokesperson said.

The agency said Anil Ambani and his company misused and diverted bank funds for purposes other than what was agreed.

An email query to SBI was not answered immediately.

Last month, India’s Enforcement Directorate also searched 35 locations linked to Reliance Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source told Reuters.

Reliance Group did not respond to a request for comment at the time, but a source at the group denied the allegations.