In a sweeping enforcement action, India’s securities regulator SEBI has imposed penalties totaling Rs. 58.5 crore on four senior executives of Seya Industries, including promoter and Chairperson Ashok Rajani and CFO Amrit Rajani, for their alleged involvement in a financial fraud scheme. The case centers around the diversion of Rs. 81.26 crore through related-party entities, fictitious transactions, and falsified financial statements between FY19 and FY21.