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Anil Ambani Banned from Markets for 5 Years, Fined Rs 25 Crore: SEBI Calls Him the Mastermind of Fraud Scheme.

Published

2 years ago

August 23, 2024

Delhi Wire

Photo: TOI

SEBI Takes Action Against Questionable Loans, pointing On Anil Ambani and Reliance Home Finance.

Anil Ambani and Reliance Home Finance Limited (RHFL) have been severely punished by the Securities and Exchange Board of India (SEBI) for authorizing dubious loans to parties associated with the firm without doing adequate due diligence. SEBI has slapped Ambani with a big fine of Rs 25 crore and barred him from the securities market for five years. RHFL and some of its top executives are also getting penalized.

Investigative Findings: Ambani’s Involvement and Loan Irregularities

The investigation says Ambani was behind a scam where Reliance Home Finance gave loans to his associates, labeling them as working capital loans during the 2018–2019 fiscal year. These loans, totaling Rs 8,470 crore, didn’t go through proper checks.

The SEBI order noted that funds structured as General Purpose Working Capital (GPC) loans were transferred to entities linked to the Reliance ADA Group. The manner in which these loans were disbursed was described as abrupt and highly irregular. Moreover, there was evidence that senior officials actively pushed for these loans, showed little interest in recovering the amounts, and that Ambani was directly involved in approving them.

SEBI’s findings pointed to a pattern indicating that these loans were intended for Ambani’s benefit, either directly or indirectly.

Independent Reports Back SEBI’s Findings

Reports from Price Waterhouse & Co., RHFL’s statutory auditor, and Grant Thornton, a forensic auditor hired by Bank of Baroda, RHFL’s primary lender, corroborated SEBI’s findings. Price Waterhouse outlined issues that prompted it to stop auditing RHFL, pointing to the company’s other procedural failings as well as a dearth of meaningful answers to its questions. Due to its position, the company even received threats of legal action.

Grant Thornton’s report found similar discrepancies and pointed out suspicious reclassifications of borrower entities from related to non-related parties just before loan disbursements. Eight entities, which initially appeared to be related to the Reliance group, were shown as unrelated shortly before receiving loans totaling Rs 1,323.43 crore.

Broader Penalties

SEBI’s order impacts 28 individuals and entities, including RHFL, Anil Ambani, several Reliance ADA group companies, and other key management personnel. RHFL has been prohibited from participating in the securities market for six months, while Ambani and 26 others face a five-year ban.

RHFL faces fines of Rs 5 lakh, Anil Ambani faces fines of Rs 25 crore, Amit Bapna, the CFO of RHFL, faces fines of Rs 27 crore, and CEO Ravindra Sudhalkar faces fines of Rs 26 crore. All companies involved in this notice face fines of Rs 25 crore each.

This major regulatory action makes it very evident that SEBI is committed to upholding accountability and transparency in the securities industry and makes it very apparent that corporate malfeasance will not be accepted.

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Delhi Police Crack Rs.22.67 Lakh Cyber Fraud Case, Gang Operated from NSP.

Published

4 weeks ago

March 26, 2026

Delhi Wire

Delhi Police have caught 11 people linked to an online fraud case after a 60-year-old man filed a complaint. The group is accused of cheating him of about ?22.67 lakh by promising high returns through a fake investment plan.

Police said the gang used social media ads to attract people. They showed big profit claims and convinced victims to send money. During the probe, officers tracked phone data and bank details, which helped them find key leads.

The group was running its work from Rohini and Netaji Subhash Place (NSP) in Delhi. They also had links in Mumbai. In NSP, a bogus office was established, serving as a front to open bank accounts. These accounts facilitated illicit money transfers, which were subsequently shared with other cybercriminals.Those caught in Delhi are Tajinder Singh alias Lucky, Ashish Saini, Shiv Dayal Singh, Shiva, and Giriraj Kishore. During questioning, police found that the group also had links in Rajasthan. Teams then raided Bizai Nagar and arrested four more people — Ramdev Sangla, Praveen Kumawat, Deepak Mewada, and Trilok Chand Nayak.

Police also found that the gang arranged fake bank accounts in India and linked them to people based in Cambodia through a man known as ‘PK’ in Mumbai. Further investigation is still going on.

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Bulldozer action at house of Uttam Nagar murder case accused, parts of 3-storey building torn down.

Published

2 months ago

March 8, 2026

Delhi Wire

Image Source: Twitter.

Four days after 26-year-old Tarun Kumar was beaten to death after a Holi dispute over a water balloon, civic officials carried out bulldozer action at the house of one of the accused in Delhi’s Uttam Nagar.

On Sunday morning, a crane reached JJ Colony and work began to break parts of a three-storey house linked to the accused. After that, workers with hammers broke more sections of the building.

A large number of police staff were present in the area during the action. Personnel from the Rapid Action Force (RAF) were also posted across the locality to keep the situation calm.

A senior police officer said the police are working with the civic agency during the removal of the illegal parts of the building. A statement from the civic body has not come yet.

Delhi Police have arrested six people and taken a minor into custody in the case. They also added charges under the SC/ST Act after claims that caste slurs were used during the attack.

The accused have been named as Umardeen, 49; Jummadeen, 36; Kamruddin, 36; Mustaque, 46; Muzzaffar, 25; and Tahir, 18. All live in A Block of JJ Colony.

Police said the incident took place on March 4. Tarun’s 11-year-old cousin was playing with a water balloon from the third floor of their home. The balloon slipped from her hand and fell to the street. Water from it fell on a woman living nearby. This led to an argument between the two families, who belong to different communities.

Police said the fight soon turned violent. Tarun was attacked outside his home with sticks, rods, bats and stone slabs. He was taken to a hospital, where doctors declared him dead.

Since the incident, tension has remained in the locality. After the attack, family members of the accused left their homes and locked the houses.

On Friday night, some vehicles parked outside the house of the accused were set on fire. Police are also looking into this case.

News

Delhi Hits Highest Temperature In First Week Of March In 50 Years.

Published

2 months ago

March 8, 2026

Delhi Wire

Representational Image | Source: PTI

Delhi saw very warm weather at the start of March. On Saturday, the maximum temperature reached 35.7 degrees Celsius. An official from the India Meteorological Department (IMD) said this is the highest temperature recorded in the first week of March in the last 50 years.

Weather data from the past five decades shows that the earlier highest reading for the first seven days of March was 34.8 degrees Celsius. This was recorded on March 5, 1999 at Safdarjung, the main weather station in the city.

With the temperature touching 35.7 degrees Celsius on Saturday, the city has now recorded the warmest day for the first week of March during this 50-year period, the IMD official said.

IMD data from 2011 shows that the next highest temperature during the first week of March was recorded in 2016. On March 4 that year, the maximum temperature reached 33.6 degrees Celsius.

Safdarjung station recorded a maximum temperature of 35.7 degrees Celsius on Saturday. This was 7.3 degrees above the normal level. The minimum temperature there was 17.4 degrees Celsius, which was 3.4 degrees higher than normal.

So far this month, the average maximum temperature in the city has been around 33 degrees Celsius. The average minimum temperature has been about 16.3 degrees Celsius. IMD data shows this is the highest level seen since 2022.

In 2022, the average maximum temperature for March was 33.4 degrees Celsius, while the average minimum temperature was 17.6 degrees Celsius.

The highest temperature ever recorded in Delhi during March remains 40.6 degrees Celsius. This reading was recorded on March 31, 1945.

At Palam station, the maximum temperature reached 33.4 degrees Celsius, which was 4.6 degrees above normal. The minimum temperature there was 18.3 degrees Celsius, about 4 degrees above normal.

The Lodhi Road station recorded a maximum temperature of 35.8 degrees Celsius, 7.8 degrees above normal. The minimum temperature there was 17.6 degrees Celsius, 4.6 degrees above normal.

At the Ridge station, the maximum temperature reached 36.4 degrees Celsius, which was 7 degrees above normal. The minimum temperature there was 19.1 degrees Celsius, about 3.9 degrees above normal.

Ayanagar recorded a maximum temperature of 36.1 degrees Celsius, which was 7.3 degrees above normal. The minimum temperature there was 17.3 degrees Celsius, about 4.1 degrees above normal.

The IMD also said that no rainfall was recorded at these stations during the 24-hour period on Saturday.