A Scorpio SUV with the explosive substance was found near Mukesh Ambani's home.
An abandoned vehicle with explosives was found near business tycoon Mukesh Ambani's house in Mumbai on Thursday, Maharashtra Home Minister Anil Deshmukh said, in a bomb scare just metres away from where India's richest man lives under high security.
"A Scorpio van with some gelatin was found at some distance from Mukesh Ambani's home in Mumbai. The Mumbai Crime Branch is conducting an investigation into it. The truth will come out," Mr Deshmukh said.
According to police sources, a suspicious vehicle was found on Carmichael Road on Thursday evening. The police was alerted and a Bomb Detection and Disposal Squad or BDDS team and other police teams reached the spot immediately.
"They examined the vehicle and found some explosive material gelatin inside. It is not an assembled explosive device. Further investigation is going on," police sources said.
Security has been increased in the area and senior officers of the Mumbai Police examined the spot.
The incident comes less than a month after a "very low-intensity" IED (improvised explosive device) blast near the Israeli embassy in the heart of central Delhi, sparked a scare in the high security area.
The blast took place 1.4 kilometres from Vijay Chowk, where President Ram Nath Kovind, Prime Minister Narendra Modi and other senior members of the government had gathered for the Beating Retreat ceremony that follows the Republic Day parade.