Cobrapost Alleges ₹41,900 Crore Fund Diversion at Anil Ambani Group; Company Denies

Cobrapost, an investigative platform, has alleged that the Anil Ambani-led Reliance Group diverted over ₹41,921 crore from its companies since 2006. The report claims that funds were moved through a network of domestic and offshore entities, while the group has rejected the allegations, calling them baseless and politically motivated, as per the reports.

Allegations of Fund Diversion

Cobrapost stated that around ₹28,874 crore raised through bank loans, IPO proceeds, and bond issues by listed companies such as Reliance Communications, Reliance Capital, Reliance Home Finance, and Reliance Commercial Finance was transferred to firms linked to the promoters. The portal alleged that the transactions involved several pass-through entities and shell companies.

Offshore Transactions

The report also alleged that about $1.535 billion (₹13,047 crore) entered India through offshore routes in Singapore, Mauritius, Cyprus, the British Virgin Islands, the US, and the UK. It cited the use of subsidiaries and front companies to route the money in what it called “fraudulent transactions.”

Specific Case Cited

Cobrapost mentioned a Singapore-based company, Emerging Market Investments & Trading Pte (EMITS), which reportedly received $750 million from NexGen Capital. The funds were later transferred to Reliance Innoventures, the holding company of the Reliance Group, before EMITS was dissolved. The portal said this transaction could indicate money laundering.

Alleged Misuse and Legal Breaches

The investigation also referred to the alleged use of corporate funds for personal luxury items, including a $20 million yacht purchased in 2008. Cobrapost claimed that the actions violated the Companies Act, FEMA, PMLA, SEBI Act, and the Income Tax Act. It said the findings were based on filings and orders from agencies such as SEBI, NCLT, RBI, and the Ministry of Corporate Affairs.

Group’s Response

The Reliance Group denied all allegations, calling the report an organised attempt to harm its reputation and influence stock prices. It said the claims were drawn from old information already reviewed by agencies like the CBI, ED, and SEBI. The group said its companies had filed complaints with SEBI seeking a probe into recent trading activity.

Read More:Bombay HC Upholds SBI Fraud Tag On Reliance Communications; Anil Ambani and Directors Held Liable!

Conclusion

Cobrapost’s claims have raised questions over fund movements within the Reliance Group, which has termed the report misleading. The matter could attract further attention from regulators and agencies reviewing past and ongoing investigations.

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