"As part of normal business, international subsidiaries of RIL deal with several global banks including HSBC. These accounts are fully complain with all regulations and are disclosed in their appropriate jurisdictions and in India.
"The continued tirade of baseless allegations being made by IAC against us appears to be instigated by vested interests," an RIL statement said.
In a separate statement, the Anil Ambani-headed Reliance Group categorically denied all allegations made by Kejriwal against him. "Mr Anil D Ambani had no bank accounts with HSBC in Geneva," it said.
The Reliance Group statement said it is "regrettable that such baseless allegations are being made by IAC at the behestof vested interests".