New Delhi, June 10 -- No one really expected that the Anil Ambani-backed Reliance Group, or ADAG, would be hauled up on charges of money laundering and defrauding banks such as State Bank of India and Yes Bank. While the conduct of the industrialist does not surprise those familiar with how business is done in India, what is intriguing is that a pro-business government would choose to act against him. After all, he is not the only one.

These are still the early days of the Rajesh Exports scam, so more dirt may emerge regarding how government financial institutions such as the Life Insurance Corporation of India (LIC) acquired a large stake in this gold refining and trading company. The main question is: at whose behest did LIC acquire a ...