SEBI, SBI have raised several red flags over alleged fund diversion, questionable accounting and round-tripping by entities linked to the Reliance Group and its chairman.
ED probe stems from two CBI cases lodged in September 2022 against Rana Kapoor and Reliance Commercial Finance Limited and Reliance Home Finance Limited.
Kapoor did not take kindly to employees quitting the bank. Once anyone expressed their intention to move on, Kapoor would ask that person to leave immediately.
Dheeraj Wadhawan of Dewan Housing Finance Corporation Limited (DHFL) was denied bail after 2020 arrest in Yes Bank-related case, but spent only 9 out of last 24 months in jail.
SC terms police action 'dangerous' and 'short circuiting of judicial process', says police has done something that even the Company Law Tribunal has not.
The ED’s case is based on an FIR against Omkar Realtors' heads for cheating and diversion of Yes Bank loan funds of Rs 410 crore, which were taken for a redevelopment project.
India urgently needs a range of entities to solve for the vast diversity in its credit intermediation requirements, including in infrastructure financing.
‘Yes Man: The Untold Story of Rana Kapoor', written by Pavan C. Lall and published by HarperCollins, will be released on 30 January on ThePrint's e-venue 'SoftCover’.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
India exited the Indo-Russian FGFA programme in 2018. But now it might procure at least 2 squadrons of Su-57 aircraft from Russia and evaluate Russian proposal to manufacture them in India.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
It is an open secret that Amitabh Jhunjhunwala was the mastermind behind raising loans using inflated assets, and then pump shares of group companies in connivance with manipulators like Sanjay Dangi. Unless ED probes jhunjhunwala’s private office headquarters in Singapore, the money trail won’t be established. Isn’t that what they want by locating the foreign assets (in name or benami).
Sateesh is at best a glorified munim who moves money for his master between multiple companies in the most shoddy way. Else ED Won’t have called Ambani for a grilling session. Nor would Anil Ambani would have been public ally humiliated during 2g and coal scams.
Anil Ambani’s plight is due to these 2 closest confidants of his, who once started as normal employees but each of them has a net worth higher that their boss Anil Ambani. Whispers also indicate that the loan books and the relationship with bankers like Rana Kapoor was Jhunjhunwala’s department.. so were the circular transactions.
This article does outline the whole case beautifully and gives ample direction for investigators to look into, if they are indeed serious to catch the culprits. But a lot depends on whether Amitabh Jhunjhunwala appear last before ED today. If he does then in all likelihood Sateesh Seth Won’t go back home on Thursday..
Anil Ambani has all the reasons to safeguard Jhunjhunwala, who controls the billions siphoned abroad. And if both Ambani and Jhunjhunwala have to go scot free, Sateesh Seth will have to be the fall guy and spend some years behind bars. Maybe that’s what the duo have planned, as this weeks final grilling is going to be of Sateesh Seth, unless a cat has more than 9 lives.
After all the one who gets his hands dirty is the one who leaves all traces.. just that the investigators have to sniff and find his initials in his own handwriting on some interesting n documents already in their possession.
Anil Ambani’s smile while leaves ED office after 9 hours of grilling (or grilled sandwiches) shows it all.. All is well for him, so far.
This may just be the tip of the iceberg. Going by past stories on this group, every listed company of theirs has come under some of the other allegation of unethical business practices.
Unless their entire top management is interrogated and their internal bank transfer details are put in public, the magnanimity of the irregularities can’t be estimated.
Old employees share ghory details how one of the top executives called as ambanis left hand used to pressurise them to do questionable dummy contracts. Whether Ambani knew is a matter of debate.
Another top former Bigwig (the right hand) is often alleged to be the brain behind the money movements. Though public ally it is said that he left the group after issues with Ambani; many still say that he handles the misappropriated funds sitting out of Singapore. Often investing in public ally traded companies of this group to pump the valuations. When he appears (if he does) in front of ED officials, his interrogation may leave a lot of unanswered questions. Bad memory and recollection of old deals is a ready excuse.
As Ambani and his two stooges have still not filed for anticipatory bail, the chances are that ED may leave them after questioning.
The truth is highly unlikely to come out, as Ambanis army of spin doctors must be working overtime, with the funds in bank accounts or CLE
It is an open secret that Amitabh Jhunjhunwala was the mastermind behind raising loans using inflated assets, and then pump shares of group companies in connivance with manipulators like Sanjay Dangi. Unless ED probes jhunjhunwala’s private office headquarters in Singapore, the money trail won’t be established. Isn’t that what they want by locating the foreign assets (in name or benami).
Sateesh is at best a glorified munim who moves money for his master between multiple companies in the most shoddy way. Else ED Won’t have called Ambani for a grilling session. Nor would Anil Ambani would have been public ally humiliated during 2g and coal scams.
Anil Ambani’s plight is due to these 2 closest confidants of his, who once started as normal employees but each of them has a net worth higher that their boss Anil Ambani. Whispers also indicate that the loan books and the relationship with bankers like Rana Kapoor was Jhunjhunwala’s department.. so were the circular transactions.
This article does outline the whole case beautifully and gives ample direction for investigators to look into, if they are indeed serious to catch the culprits. But a lot depends on whether Amitabh Jhunjhunwala appear last before ED today. If he does then in all likelihood Sateesh Seth Won’t go back home on Thursday..
Anil Ambani has all the reasons to safeguard Jhunjhunwala, who controls the billions siphoned abroad. And if both Ambani and Jhunjhunwala have to go scot free, Sateesh Seth will have to be the fall guy and spend some years behind bars. Maybe that’s what the duo have planned, as this weeks final grilling is going to be of Sateesh Seth, unless a cat has more than 9 lives.
After all the one who gets his hands dirty is the one who leaves all traces.. just that the investigators have to sniff and find his initials in his own handwriting on some interesting n documents already in their possession.
Anil Ambani’s smile while leaves ED office after 9 hours of grilling (or grilled sandwiches) shows it all.. All is well for him, so far.
This may just be the tip of the iceberg. Going by past stories on this group, every listed company of theirs has come under some of the other allegation of unethical business practices.
Unless their entire top management is interrogated and their internal bank transfer details are put in public, the magnanimity of the irregularities can’t be estimated.
Old employees share ghory details how one of the top executives called as ambanis left hand used to pressurise them to do questionable dummy contracts. Whether Ambani knew is a matter of debate.
Another top former Bigwig (the right hand) is often alleged to be the brain behind the money movements. Though public ally it is said that he left the group after issues with Ambani; many still say that he handles the misappropriated funds sitting out of Singapore. Often investing in public ally traded companies of this group to pump the valuations. When he appears (if he does) in front of ED officials, his interrogation may leave a lot of unanswered questions. Bad memory and recollection of old deals is a ready excuse.
As Ambani and his two stooges have still not filed for anticipatory bail, the chances are that ED may leave them after questioning.
The truth is highly unlikely to come out, as Ambanis army of spin doctors must be working overtime, with the funds in bank accounts or CLE