So ADAG (Anil Ambani) borrowed money in London (External Commercial Borrowing, ECB) through UBS. The money made its way into Pluri London accounts, presumably legally.
Hythe buys a basket of Indian stocks including RNRL and Reliance Infra through a Participatory Note (PN). Hythe does not own the shares but is credited the increase or decrease in value of the shares through the PN in London. Barclays buys the shares in India to create the PN for Hythe.
Hythe sells the PN to Pluri
The RBI wants to know what happened to the proceeds of the ECB which, pray tell, certainly did not return to India illegally. Barclays, UBS, and SocGen (yes, the French) have been admonished by the RBI for aiding the goose.
SEBI, the Indian regulator, has summoned all who ignored the June 7 show cause notices
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