Anil Ambani’s Reliance Group named in London case

Two UBS bankers backed the creation of an illegal offshore investment vehicle to allow Indian billionaire Anil Ambani to invest in India stocks, UK market & financial services regulator told a London tribunal.

The claim has been made in a case brought against UBS’s former wealth management executive Sachin Karpe and the bank’s recently deceased Kurt Kumschick. Karpe allegedly misled the UBS about the true ownership of the Mauritius-based investment vehicle, called Pleuri.

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