Anil Ambani kingpin of the fund diversion: Sebi

New Delhi: The Reliance Home Finance Ltd board had warned of extending loans to unworthy creditors, the capital markets regulator Sebi said in its ruling, calling Anil Ambani the kingpin of the fund diversion.

In fact, significant irregularities were noticed in RHFL’s loan approval process, including deviations from the company’s credit policy and incomplete documentation, according to the order. The Reliance Housing Finance Ltd (RHFL) board had issued strong directives to stop such lending practices and review corporate loans regularly, but the company’s management ignored these orders.