Cobrapost Alleges ₹28,874 Crore Fraud by Reliance ADA Group; Company Denies Claims
Cobrapost, an investigative news platform, claims Reliance ADA Group diverted ₹28,874 crore from public sector banks and investors to promoter-linked companies. The investigation alleges involvement of six listed entities and fund routing through shell companies, with ₹12,647 crore reportedly from overseas sources. Reliance ADA Group denies all allegations, calling it a malicious campaign to crash stock prices. The group questions Cobrapost's credibility and states no court has found them guilty of financial wrongdoing.
*this image is generated using AI for illustrative purposes only.
Cobrapost Investigation Claims Massive Fund Diversion
Cobrapost, an investigative news platform, has alleged that the Reliance Anil Dhirubhai Ambani (ADA) Group engaged in a financial fraud worth ₹28,874 crore. The investigation claims that funds were diverted from public sector banks and investors to companies linked to the group's promoters.
Key Allegations
- Entities Involved: Six listed entities, including Reliance Infrastructure, Reliance Capital, and Reliance Communications, were allegedly involved in the fund diversion.
- Scale of Diversion: The total alleged diversion is said to exceed ₹41,921.00 crore, routed through shell companies across multiple jurisdictions.
- Overseas Funds: Approximately $1.53 billion (equivalent to ₹12,647.00 crore) allegedly reached ADA Group companies from overseas sources.
Investigation Details
Cobrapost claims to have based its investigation on documents from various regulatory bodies:
- Ministry of Corporate Affairs
- Securities and Exchange Board of India (SEBI)
- National Company Law Tribunal (NCLT)
- Reserve Bank of India (RBI)
Reliance ADA Group's Response
The Reliance ADA Group has categorically denied all allegations made by Cobrapost. The group's statement includes:
- Describing the allegations as a "malicious campaign" aimed at crashing stock prices.
- Questioning Cobrapost's credibility, stating it has "zero journalistic credibility."
- Asserting that no court has found them guilty of any financial wrongdoing.
- Revealing that complaints have been filed with SEBI regarding recent trading patterns in their shares.
Market Impact and Regulatory Scrutiny
While the immediate market impact of these allegations is not provided in the given information, such claims typically lead to increased scrutiny from regulators and potential volatility in the stock prices of the involved companies.
Investors and market watchers will likely keep a close eye on any official statements from regulatory bodies or further developments in this case.
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