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

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.