Cobrapost claims ₹41,900-cr fund diversion at Anil Ambani group

INVESTIGATIVE PORTAL COBRAPOST on Thursday alleged Anil Ambani’s Reliance Group had committed a massive financial fraud exceeding ₹41,921 crore through diversion of funds from group companies since 2006 — a charge the group denied as a malicious campaign aimed at crashing stock prices.

- PRESS TRUST OF INDIA

Cobrapost claimed that about ₹28,874 crore raised through bank loans, IPO proceeds, and bonds was siphoned from listed group firms, including Reliance Communications, Reliance Capital, Reliance Home Finance, Reliance Commercial Finance, and Reliance Corporate Advisory Services, to promoter-linked companies.

Citing its investigation, it also alleged that an additional $1.535 billion (₹13,047 crore) was routed into India “in a fraudulent manner” through offshore entities in Singapore, Mauritius, Cyprus, the British Virgin Islands, the US, and the UK, using a network of subsidiaries and shell firms.

Cobrapost claimed that a Singapore-based company, Emerging Market Investments & Trading, received $750 million from a “mysterious benefactor”, NexGen Capital, and later transferred the amount to Reliance Innoventures, the Reliance Group’s holding company, before being dissolved — a transaction it says “could amount to money laundering”.