Anil Ambani, others fined Rs 624 crore by Sebi for fund diversion

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Times of India 6h ago

Anil Ambani, others fined Rs 624 crore by Sebi for fund diversion - Times of India

Quick Summary:

Markets regulator Sebi banned Anil Ambani and 24 entities connected to him from the securities market for five years, levying a Rs 624 crore fine for fund diversion from Reliance Home Finance.

Sebi's investigation revealed the fraudulent scheme involved GPC loans, with the majority of borrowed sums linked to ADAG Group entities.

The report also drew from the observations of PwC (the former statutory auditor of RHFL) and of Grant Thornton (the forensic auditor appointed by Bank of Baroda, the lead bank of the consortium of lenders of RHFL).