Anil Ambani: India business world has been rocked once again. The renowned investigative portal Cobrapost has accused Anil Ambani’s Reliance Group of a major financial scam. The report states that the group has misappropriated thousands of crores of rupees raised from the public in the name of loans and bonds.
Allegations of Fraud: Cobrapost Major Investigation Report
According to the Cobrapost report, this case dates back to 2006. It is claimed that several companies within Anil Ambani’s Reliance Group committed financial fraud amounting to approximately ₹41,921 crore. Of this, approximately ₹28,874 crore was raised in the name of bank loans, bonds, and IPOs and later transferred to other companies affiliated with the group.
Cobrapost alleges that the group made huge profits by circulating public funds within the system. But now these same companies are mired in debt, while ordinary investors and banks have suffered huge losses.
The game of money transactions abroad
The most shocking part of the report is that it also claims that funds were sent abroad and brought back to India. It stated that approximately $1.535 billion (approximately Rs. 13,047 crore) was transferred through offshore companies located in countries like Singapore, Mauritius, Cyprus, the British Virgin Islands, the US, and the UK.
Cobrapost claims that a Singapore-based company, Emerging Market Investments and Trading PTE (EMITS), received $750 million from a mysterious company, Nexgen Capital, and later transferred the money to Reliance Innoventures, the primary holding company of the Reliance Group. This process was repeated multiple times to conceal the true source of the funds.
Reliance Group Response: “These Allegations Are Completely False”
Reliance Group has responded to these serious allegations, stating that Cobrapost’s report is “false, fabricated, and devoid of facts.” The company issued a statement stating that it complies with all legal and regulatory provisions, and that such reports are merely an attempt to tarnish its reputation.
The group also stated that it will take all necessary steps to protect the interests of its investors, employees, and stakeholders. The company called these allegations a “conspiracy” and said that the report was prepared solely for the purpose of sensationalism.
All eyes are now on the investigation.
The report has created a stir among the market and investors. Some believe that if the allegations are proven true, it could become one of the country’s largest corporate frauds. Meanwhile, many economic experts are considering it to be “politically motivated” or the result of “corporate rivalry.”
It remains to be seen what stance regulatory authorities take on this matter and whether an official investigation is launched. For now, the entire matter has certainly raised concerns among investors and the general public.
Disclaimer: This article is based on publicly available information and reports. The opinions or allegations expressed here have not been confirmed by any individual or organization. Readers are requested to verify information from official and verified sources before drawing any conclusions.
