ED questions close aides of Anil Ambani
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
NEW DELHI: The Enforcement Directorate (ED) on Wednesday quizzed Amitabh Jhunjhunwala , a former close aide of Anil Ambani , and Sateesh Seth , a confidante of the industrialist, in connection with its probe into alleged money laundering in a Rs 17,000 crore bank loan fraud case The duo was questioned for several hours on Wednesday, people in the know told ET. The agency primarily focused on "data extraction" pertaining to the alleged loan fraud. The two have been summoned by the agency for further questioning this week, the people said.On Tuesday, the agency questioned Anil Ambani for over nine hours. He has sought seven days to furnish documents pertaining to ED's queries. The agency will summon the 66-year-old industrialist again after recording the statements of the credit committee members of banks that had given loans to his Reliance Group companies, ET reported on Wednesday.ET was the first to report about the ED summoning Anil Ambani as well as Jhunjhunwala and Seth for questioning.The agency will seek details from the bank officials on the action initiated by them, if any, against Anil Ambani's companies that failed to repay the loans, ET had reported. About Rs 17,000 crore of loans that nearly 20 private and public sector banks, including Yes Bank ICICI Bank and HDFC Bank had given to Reliance Home Finance Ltd , Reliance Commercial Finance and RCOM had turned non-performing. The ED is investigating alleged laundering of the loan proceeds.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
27 minutes ago
- Deccan Herald
Bajaj Electricals Q1 net down 97% to Rs 91 lakh
The company had posted a consolidated net profit of Rs 28.11 crore in the corresponding quarter of the previous fiscal, Bajaj Electricals said in a regulatory filing.
Economic Times
27 minutes ago
- Economic Times
Lok Sabha passes Manipur Appropriation Bill, 2025
Synopsis The Lok Sabha approved the Manipur Appropriation Bill, 2025. This happened despite opposition members' sloganeering regarding Bihar electoral rolls. The bill allows funds from Manipur's Consolidated Fund for the current financial year. Nirmala Sitharaman criticized the opposition for disrupting proceedings. She highlighted an additional allocation of Rupees 2,898 crore for Manipur. ANI Lok Sabha passes Manipur Appropriation Bill The Lok Sabha on Thursday passed the Manipur Appropriation Bill, 2025, amid sloganeering by opposition members over revision of Bihar electoral after the passing of the Bill by voice vote, Lok Sabha proceedings were adjourned for the Appropriation Bill, 2025 authorises payment and appropriation of certain sums from and out of the Consolidated Fund of the State of Manipur for the services of the current financial mentioned Bill was passed without any discussion as opposition members did not relent. Finance Minister Nirmala Sitharaman slammed the opposition over disrupting the Lok Sabha proceedings and said while they talk of Manipur, they do not want money to go to the state, which is under President's rule. Speaking on the Manipur Goods and Services Tax (Amendment) Bill, 2025, Sitharaman said, "When the government brings a Budget for Manipur - allocating funds for its development - the Opposition neither listens to it nor has the courage to engage with it."She announced that the government has made an additional allocation of Rs 2,898 crore for Manipur, of which Rs 1,667 crore will be spent under the Capital Head and Rs 1,231 crore under the Revenue additional fund allocation is said to support rehabilitation of Internally Displaced Persons (IDPs), security-related expenditure, deployment charges for CAPFs, prepayment of high-interest loans and additional support under SASCI.
Economic Times
27 minutes ago
- Economic Times
Pine Labs appoints Avendus' Sameer Kamath as CFO ahead of IPO
ETtech Sameer Kamath, CFO, Pine Labs Merchant payments company Pine Labs, which is gearing up for an initial public offering (IPO), has appointed Sameer Kamath as its new chief financial officer (CFO), it said in a statement on was previously group CFO at Mumbai-based investment bank Avendus Capital. ET was the first to report the development. Kamath succeeds Marc Mathenz, the company's Singapore-based CFO, who stepped down in June, shortly before Pine Labs filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). In his new role, Kamath will lead global finance strategy, accounting, investor relations, and financial leadership across the Pine Labs group, the Gurugram-based company said in a has over two decades of experience in financial services and has also served as director and group chief financial advisor at Motilal Oswal. He is a chartered accountant and holds a postgraduate degree in business administration from NMIMS, on the appointment, Amrish Rau, chief executive officer of Pine Labs, said, 'Sameer's proven track record of building high-performing teams and driving financial performance will be invaluable to Pine Labs as we continue to innovate and introduce cutting-edge fintech products in the market.'Pine Labs, backed by Peak XV Partners, Mastercard, PayPal and Actis, filed its DRHP on June 27, seeking to raise Rs 2,600 crore through a fresh issue of shares and an offer-for-sale (OFS) of up to 147.8 million shares. Also Read: Decoding Pine Labs' DRHP: Fintech aims to raise Rs 2,600 crore via an IPO The company is targeting a valuation of $4.5–5 billion through the public issue. It operates in India as well as in international markets including Malaysia, UAE, Singapore, Australia, the US, and of the IPO, the company has also been strengthening its top deck. Shalini Saxena is set to return as its general counsel. She had previously served in the same role at Pine Labs between 2019 and 2022, before moving to crypto exchange CoinDCX. Bar and Bench first reported Saxena's return. Pine Labs' core leadership includes Rau as CEO, Kush Mehra as chief business officer, Sumit Chopra as chief operating officer, and Navin Chandani as chief business officer for its issuing business. 'I am thrilled to be joining a technology-first organisation like Pine Labs at such a pivotal moment in their journey. Looking forward to working with Amrish and the rest of the leadership team to build on the momentum and strengthen the financial foundation of the company,' Kamath said in a statement. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As RBI retains GDP forecast, 4 factors that will test the strength of Indian economy India's last cement IPO did not work. Can JSW Cement break that curse? Is Shadowfax closing in on its closest rival? Can Coforge's ambition to lead the IT Industry become a reality? Berlin to Bharuch: The Borosil journey after the China hit in Europe Stock Radar: Syngene International showing signs of momentum after falling 26% from highs; what should investors do? Two Trades for Today: A life insurance major for a 4.85% upmove, a mid-cap diesel engine maker for almost 7% rise Multibagger or IBC - Part 18: This auto ancillary started with wheels. It now also powers wind & war Auto stocks: Yes, headwinds in the short term, but will structural change become tailwinds and prove analysts wrong?
