Xi’s Graft-Buster Has Direct Role in Probe of Jack Ma’s Ant (1)

China’s top anti-graft watchdog was among the agencies involved in a recent inquiry into links between Jack Ma’s Ant Group Co. and state-owned Chinese companies, according to people familiar with the matter, escalating the risks for the country’s most recognizable tech tycoon and his internet empire.

The Central Commission for Discipline Inspection was seeking to understand the influence of Ma’s fintech empire and the extent of its transactions with state banks and enterprises, the people said, asking not to be identified discussing a sensitive issue. The agency’s involvement hasn’t been previously reported.

The CCDI, which oversees corruption probes involving senior ...