Cobrapost Alleges ₹28,874 Crore Banking Fraud by Reliance ADA Group
Investigative platform Cobrapost has accused the Reliance Anil Dhirubhai Ambani Group (ADA Group) of orchestrating a massive banking fraud exceeding ₹28,874 crore since 2006. The allegations include fund siphoning through bank loans, IPOs, and bonds from listed group companies.
Key Allegations
- Total alleged fraud: Over ₹41,921 crore (including foreign funds)
- Duration: Ongoing since 2006
- Methods: Loan diversion, IPO manipulation, offshore routing
- 26 offshore entities identified as beneficiaries
Foreign Fund Diversion
Cobrapost claims $1,535 million (approximately ₹13,047 crore) was routed to India fraudulently. This includes $750 million from mysterious company NexGen Capital to Singapore-based EMITS during a temporary custody arrangement with Reliance Innoventures, the ADA Group’s holding company.
“The entire $750 million was routed to India and made to disappear,” the report states, noting similar diversion of $785 million in external commercial borrowings to various ADA Group companies.
Group’s Strong Rebuttal
The Reliance ADA Group issued a forceful denial, calling Cobrapost’s expose a “malicious and agenda-driven campaign.” The group alleged the media platform’s revival is “fully funded by entities with direct commercial interest in acquiring Reliance Group assets.”
Legal Violations Cited
The investigation alleges multiple legal breaches including:
- Companies Act 2013
- Foreign Exchange Management Act (FEMA)
- Prevention of Money Laundering Act (PMLA)
- SEBI and Income Tax regulations
Investigation Methodology
Cobrapost states its findings are based on analysis of official documents from , Ministry of Corporate Affairs, RBI, NCLT, and foreign jurisdiction filings. “We have been as meticulous and diligent as possible in verifying data from all sources,” the report concludes.
