The market regulator has also imposed substantial penalties on the implicated parties for their involvement in the diversion of funds from Reliance Home Finance Ltd (RHFL).
The regulatory action comes after a thorough investigation into multiple complaints alleging fund syphoning from RHFL during the 2018-19 financial year. Sebi's probe uncovered a complex fraudulent scheme orchestrated by Ambani, with the assistance of RHFL's Key Managerial Personnel (KMPs) - Amit Bapna, Ravindra Sudhalkar, and Pinkesh R Shah.
According to Sebi's 222page order issued on Thursday, Ambani exploited his position as the chairperson of the ADA group and his significant indirect shareholding in RHFL's holding company to orchestrate the fraud. The scheme involved disguising the syphoned funds as loans to entities linked to Ambani, effectively draining the public-listed company of its resources.
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