Cobrapost alleges ₹28.8K-cr fraud by Anil Ambani's ADA

Web portal Cobrapost, in an article published on Thursday, accused the Anil Dhirubhai Ambani (ADA) Group of a fraud amounting to ₹28,874 crore since 2006 by diverting money borrowed from banks and investors, although the conglomerate said most of the issues are related to past or ongoing investigations and cases, with the information already being in the public domain.

- HT Correspondent

At a press conference on Thursday, Cobrapost founder editor Aniruddha Bahal said the funds were diverted from the group's six companies, which granted loans to subsidiaries or shell entities (that were later dissolved), and subsequently wrote off the loans. The six companies are — Reliance Infrastructure Ltd., Reliance Capital Ltd., Reliance Communication Ltd., Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., and Reliance Corporate Advisory Services Ltd.