If the person giving the loan, especially big institutions like LIC, with years of experience, is not exercising due diligence before and after giving the loan and take measures to also continously monitor whether the money is utilised for business purposes, then no point in blaming ambani. It is obvious that some pressures were put to give the loans, which will never appears in all these investigations. How to insulate instituitions like UTI, LIC, PSBanks from these powerful people, is where the solution lies. Otherwise we will have many more Sathish Chandras and Ambanis happily going to Switzerland.

Yet another case. and yet another boiler plate statement from Anil Ambani camp. Strangely Sateesh Seth is named, but his former superior Amitabh Jhunjhunwala who led Reliance Capital for 16 years is nowhere named. His exit from the Group, to show the public, happened towards the latter part of 2019. The funds raised from LIC were during 2012 to 2018 when Amitabh Jhunjhunwala was at his prime, calling shots as Anil Ambani's closest aide. So much so, ED counsel referred to Jhunjhunwala as the Principal Architect of the Group wide siphoning of bank loans.

Are allegations limited to misuse and siphoning of LIC funds only. Because ED has already stated that balance sheets are questionable since 2007. If the true picture of company financials were disclosed, would LIC have invested public money in RCAP.

Why just name Sateesh Seth for baiting a former LIC Chairman to issue loans to meet monthly cash flows. Or the investigation will lead to the Principal Architect Amitabh Jhunjhunwala, who holds the key to getting the funds parked offshore back, for repaying the defaulted loans with interest. At best Sateesh Seth can get a few crores or a few hundred crore from his jeweler network, who would deny knowing him now.

With Jhunjhunwala's bail application coming up for hearing in Delhi HC tomorrow, leaving his name out from the FIR would go to his advantage. Unless the ED Counsel strongly opposes the claim of Amitabh Jhunjhunwala suffering a heart attack in jail, after the claims of back injury got dismissed at Rouse Avenue. Though in all likelihood, Delhi HC is going to dismiss the bail plea, paving way for the Global Fund Manager Amitabh Jhunjhunwala to approach the Supreme Court, where he will expand his bail petition from one case to all 5 cases for an exit pass out of Tihar and custody in hospitals.

The day Amitabh Jhunjhunwala, the already identified Principal Architect. is out of jail, all others including Sateesh Seth, Gautam Doshi, Punit Garg and others will have their bail pleas submitted in courts within 48 hours. After that, all cases will go on a back burner and investigators wont be able to reach the Prime Beneficiary, nor be able to recover the money stashed abroad.

And all of them will show a speedy health recovery to be back in business, to redo the same cycle of loans from public money, an art they have mastered. The cash strapped Anil Ambani camp needs Jhunjhunwala to fly out of India to bring the liquidity back. Sending Jai Anshul Ambani abroad, on garb of attending a martial arts event, would barely get next 6-8 months of cash, at the current burn rate, said to be over 7-8 crore a day to keep Anil Ambani and family out. For the conditional foreign travel, Anshul does have to wait till 10th October atleast. It would be interesting to track whether Abhinav Jhunjhunwala and Anshul Ambani are in the same country on the same day, sometime towards mid to end of October. Till then Anil Ambani's share in one of the top listed company in India keeps going down every day, the only clean funds he continues to have access to.