E-complex private limited, was possibly reported as a subsidiary of reliance defence portfolio, the controversial defence enterprises Anil Ambani once floated.

While currently under the shell of Pradip Ratilal Shroff, a person named in previous investigation reports, the history of e-complex would reveal 2 persons close to Anil Ambani and working with the group for decades. Both operating under the able supervision of self-claimed corporate governance expert Sateesh Seth. The first being a sitting director on reliance power and a HR champion. The second being a director of almost every company with the prefix Risee, and an erstwhile co-director with every member of Anil Ambani family in various shells.

A company with paid up capital of less than a crore, which is currently under NCLT proceedings, E-complex was one of the shells that were used to house large debts, and let go belly under. A part of “Project Help”. The raids come parallel to the recent arrest of Amit Bapna by CBI. And soon after Sateesh Seth, the anchor of Project Help was arrested 4 weeks back.

What remains to be seen in future chargesheets would be other entities associated with the e-complex that ultimately got the money which vanished. Or was e-Complex being used to channelize equity in name of promoter group, siphoned from bank loans. The crosswires of finally crossed by the agencies may reveal that the promoter funds put in the Defence enterprises had a similar source.

Which brings us to a major gray area that no agency is even touching, as there are no banks to complaint. Reliance infrastructure owns a substantial stake in BSES Rajdhani and BSES Yamuna; 2 monopolies distributing electricity to nearly 70% of India’s capital, including Tihar and Rouse Avenue court. Have there been no irregularities in those PPP entities, similar to the trend traced by almost every single Anil Ambani group company. Can 70% or Delhis electricity be trusted with a promoter whose group is undergoing atleast 7 serious investigations for alleged siphoning of 73000 crore. The Delhi discom licenses come up for renewal in 2029. With all the serious cases being faced by Anil Ambani and his group, will these 2 Delhi discoms not face stress and pressure over next 3 years ? Or is it time for the Delhi government to move proactively and exercise its powers, never used till date, and secure the electricity for 70% of delhis population. Sateesh Seth, the hawala accused, used to run these discoms too and was a director in both for years. Would he have left these untouched from the usual Anil Ambani ways. If not a ownership change, a forensics audit is surely needed. And a forensic audit of Delhi discom type entities should anyways be done periodically even if the promoters are not as accomplished and eminent like Anil Ambani.

Which brings us to the last point, as the financial blueprint mastermind Amitabh Jhunjhunwala can never be ignored. Did he reveal something on these transactions when he was under ED custody regarding Sateesh Seth and Pradip Ratilal Shroff links to E-complex making matters more complicated. Are 2 stock market hero’s next in the line, or will the buck stop at Pradip Shroff managed entities. Or the rivalry between Amitabh Jhunjhunwala + his stock market protege V/s Sateesh Seth + Pradip Shroff + SD still has dirty linen to be washed at agencies; and later in public… the first anniversary of the attempted coup, the biggest ever imagined in south east Asia, is coming in next 10 days. If Anil ambani passes the next 10-14 crucial days, he ain’t ever going to Tihar, or Arthur Road or Taloja, despite being a perfect fit for all of them.