The Morning Brief The Anil Ambani Annals
Jul 31, 2025
In this discussion, banking editor Sangita Mehta and financial wrongdoing tracker Rashmi Rajput dive into the unraveling saga of Anil Ambani's Reliance ADAG group. They explore the Enforcement Directorate's probe into massive loan fraud and money laundering, detailing shady dealings linked to Yes Bank. The guests highlight the alarming audit red flags, the impact of PwC's resignation, and the ongoing investigations into Reliance Infrastructure's dubious financial practices. It's a fascinating look at a high-stakes corporate drama unfolding in real-time.
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Auditor Resignation Signals Crisis
- The crisis began with auditor PwC's premature resignation over unresolved transactions impacting Reliance Capital's financials.
- This coincided with the default of Reliance Capital subsidiaries and worsening confidence in finance companies.
Grant Thornton Exposes Quid Pro Quo
- The Grant Thornton report revealed quid pro quo between Yes Bank's Rana Kapoor and Reliance Capital promoters.
- Reliance Capital invested in Rana Kapoor's family offices while simultaneously receiving loans from Yes Bank, a major governance violation.
Conflict of Interest in Loans
- Reliance Home granted large loans to related borrowers with weak financials, showing conflicts of interest.
- Loans were routed through other borrowers back to ADAG companies, causing significant loan defaults.