Cobrapost Alleges Rs 41,900 Crore Fund Diversion at Anil Ambani’s Reliance Group
Investigative portal Cobrapost has accused Anil Ambani’s Reliance Group of orchestrating a massive financial fraud exceeding Rs 41,921 crore through systematic fund diversion since 2006. The Reliance Group has vehemently denied these allegations, calling them a malicious campaign to crash stock prices.
Key Allegations
- Rs 28,874 crore siphoned from listed companies via loans, IPOs, and bonds
- USD 1.535 billion (Rs 13,047 crore) routed through offshore entities
- Funds allegedly diverted to promoter-linked companies and shell firms
- Total alleged diversion exceeds Rs 41,921 crore
Offshore Money Trail
Cobrapost’s investigation reveals a complex international network spanning Singapore, Mauritius, Cyprus, British Virgin Islands, the US, and UK. The report highlights a Singapore-based company, Emerging Market Investments & Trading Pte (EMITS), which allegedly received USD 750 million from “mysterious benefactor” NexGen Capital before transferring the amount to Reliance Innoventures.
This transaction, according to Cobrapost, “could amount to money laundering.” The investigation also alleges misuse of corporate funds for personal luxury purchases, including a USD 20 million yacht reportedly bought by Anil Ambani in 2008 through a listed group company.
Regulatory Violations Cited
The report cites potential violations of multiple Indian laws including:
- Companies Act
- FEMA (Foreign Exchange Management Act)
- PMLA (Prevention of Money Laundering Act)
- SEBI Act
- Income Tax Act
Cobrapost claims its findings are based on official filings and orders from the Ministry of Corporate Affairs, SEBI, NCLT, RBI, and foreign jurisdictions.
Reliance Group’s Strong Denial
The Reliance Group has dismissed the allegations as “a recycled, agenda-driven corporate hit job” by entities with commercial interests in acquiring the group’s assets. The group stated that the claims are based on “old, publicly available information already examined by the CBI, ED, SEBI and other agencies.”
In a strongly worded response, the group described Cobrapost as “a dead platform resurrected as a corporate hit-job” with “zero journalistic credibility.” They characterized the report as “an organized attempt to prejudice a fair trial” and “a deliberate campaign of calumny, disinformation, and character assassination.”
Assets Under Spotlight
The group identified specific assets that rivals allegedly aim to acquire at beaten-down prices:
- Delhi’s power distribution company BSES Ltd
- Mumbai Metro project
- 1,200 MW Rosa power project
Meanwhile, Reliance Group’s listed firms – Reliance Infrastructure Ltd and Reliance Power Ltd – have filed complaints with SEBI seeking investigation into recent trading patterns in their shares.
