New Delhi: Investigative news platform Cobrapost has alleged that the Anil Ambani-led Reliance Group siphoned off ₹28,874 crore using a network of shell entities and offshore structures. In a report released Thursday, Cobrapost claimed the group deployed dozens of Special Purpose Vehicles (SPVs), subsidiaries, and offshore companies based in jurisdictions including the British Virgin Islands, Cyprus, Mauritius, the US, UK, and Singapore to route funds to its main holding company, Reliance Innoventure.
The report outlines a pattern of fund diversion through loans to subsidiaries, allotment of debentures and preference shares, and subsequent write-offs. Cobrapost also flagged suspicious inward transactions amounting to US$1.53 billion, allegedly raised through external commercial borrowings.
One example cited is the 2008 purchase of a $20 million luxury yacht, allegedly funded by diverting money from Reliance Communication to Reliance Transport & Travels Pvt. Ltd., an ADA Group subsidiary, through a multi-layered structure designed to obscure the transaction.
Cobrapost named several Reliance Group companies in its investigation, including Reliance Communication, Reliance Capital, Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., and Reliance Corporate Advisory Services Ltd. It claimed Reliance Home Finance diverted ₹7,965 crore through 49 related entities, with funds ultimately landing in 14 ADA-controlled firms. Reliance Commercial Finance allegedly routed ₹4,979.9 crore via 27 companies to promoter-linked interests, while Reliance Corporate Advisory Services is accused of diverting ₹1,400 crore through zero-interest intercorporate loans.
In response, the Reliance ADA Group dismissed the report as a “malicious and agenda-driven campaign,” accusing Cobrapost of attempting to damage its reputation and mislead stakeholders. The company further alleged that Cobrapost’s revival after years of dormancy is backed by entities with commercial interests in acquiring Reliance Group assets.
(Inputs from IANS)