Cobrapost Alleges ₹41,921 Crore Fraud by Anil Ambani’s Reliance Group- Another Storm for the Fallen Tycoon
Looks like Anil Ambani just can’t stay out of trouble. The once-billionaire businessman is back in the spotlight, and, yet again, it’s not for his empire-building days. Investigative portal Cobrapost has accused Ambani’s Reliance Group of orchestrating a massive ₹41,921 crore financial fraud through fund diversions stretching all the way back to 2006.
The report reads like a financial thriller, money raised through loans, IPOs, and bonds allegedly rerouted to shell firms across Mauritius, Singapore, and the British Virgin Islands. Cobrapost even hints at money laundering through offshore entities.
But the Reliance Group has come out swinging, dismissing it all as a “malicious, agenda-driven hit job” designed to tank its stock.
Still, one thing’s for sure, Anil Ambani always manages to trend, and almost never for the right reasons. Once among India’s richest, today his fortune and reputation are under siege. The money his surname carries couldn’t save him, not then, not now.
Alleged Diversion Of Funds And Offshore Money Trail By Anil Ambani
In what Cobrapost describes as one of the biggest corporate fund diversions in recent times, the investigative portal has claimed that approximately ₹28,874 crore, raised through bank loans, IPO proceeds, and bonds, was siphoned off from listed Reliance Group entities. These reportedly include Reliance Communications, Reliance Capital, Reliance Home Finance, Reliance Commercial Finance, and Reliance Corporate Advisory Services, with the funds allegedly diverted to promoter-linked companies.
But the allegations don’t stop there. According to the investigation, an additional USD 1.535 billion (₹13,047 crore) was funneled into India “in a fraudulent manner” through a complex offshore network spanning Singapore, Mauritius, Cyprus, the British Virgin Islands, the US, and the UK. Cobrapost claims that this money movement involved a series of shell firms and subsidiaries designed to conceal the ultimate beneficiaries.
The report also points to a key transaction involving a Singapore-based entity, Emerging Market Investments & Trading Pte (EMITS), which purportedly received USD 750 million from a “mysterious benefactor,” NexGen Capital. EMITS later transferred the entire amount to Reliance Innoventures, the holding company of the Reliance Group, before being dissolved, a move that Cobrapost alleges “could amount to money laundering.”
Regulatory Breaches And Financial Misuse Allegations On Anil Ambani
- Multiple Law Violations: Cobrapost’s report highlights alleged breaches of several key regulations, including the Companies Act, FEMA, PMLA, SEBI Act, and Income Tax Act.
- Based on Official Records: The findings reportedly rely on filings and orders from regulatory and judicial bodies such as the Ministry of Corporate Affairs (MCA), SEBI, NCLT, RBI, and authorities in foreign jurisdictions.
- Lavish Spending Claims: The investigation alleges that corporate funds were misused for personal luxury purchases, including a USD 20 million yacht allegedly bought by Anil Ambani in 2008 through one of the listed group companies.
- Use of Pass-Through Entities: Cobrapost claims that ADA Group firms employed dozens of pass-through entities and Special Purpose Vehicles (SPVs) to move funds, which were later written off.
- Mounting Financial Distress: The report asserts that all six key listed companies under the Reliance ADA Group were left in financial distress as a result of these fund movements.
- Total Diversion Value: According to Cobrapost, the alleged total diversion, both domestic and offshore, exceeded ₹41,921 crore, routed through dozens of subsidiaries, shell companies, and offshore vehicles in the British Virgin Islands, Cyprus, Mauritius, Singapore, the US, and the UK.
Cobrapost Editor’s Statement For Anil Ambani Stance
Editor Aniruddha Bahal said the probe drew on official filings and court orders from agencies, including the Ministry of Corporate Affairs, SEBI, NCLT, and RBI. He alleged “total erosion of public wealth” of ₹3.38 lakh crore, including losses in market capitalisation and bad loans.
Reliance Group’s Response: ‘Malicious Campaign, Old Allegations’
In response, the Reliance Group dismissed the report as a recycled, agenda-driven corporate hit job by a “dead platform resurrected” by entities with direct commercial interest to acquire the group’s assets.
It said the allegations were based on “old, publicly available information already examined by the CBI, ED, SEBI and other agencies.” This was “an organised attempt to prejudice a fair trial.”
Condemning the report as “a malicious campaign to tarnish its reputation and mislead stakeholders,” the group described Cobrapost as “a dead platform resurrected as a corporate hit-job. Dormant since 2019, Cobrapost has zero journalistic credibility and a 100 per cent track record of agenda-driven stings.”
Stock Shock And Asset Tug-of-War Allegations Anil Ambani’s Reliance Part
-
Corporate Hit Job? The Reliance Group accused Cobrapost of running “a deliberate campaign of calumny, disinformation, and character assassination” against Anil Ambani, his companies, and 55 lakh shareholders.
-
Market Panic Theory: According to the group, the alleged smear campaign was designed to crash stock prices and create panic in the markets—all to pave the way for rivals to swoop in and grab assets on the cheap.
-
Who Are the Rivals? While the group stopped short of naming names, it hinted that competitors were eyeing major Reliance assets, including Delhi’s BSES Ltd, Mumbai Metro, and the 1,200 MW Rosa Power Project.
-
Fighting Back: In response, Reliance Infrastructure Ltd and Reliance Power Ltd have filed formal complaints with SEBI, demanding an investigation into suspicious trading patterns surrounding their shares.
(With Inputs From PTI And Media Releases)
Also Read: King Charles Cuts Ties: Prince Andrew Stripped Of Titles, Forced Out Of Royal…
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
Always bold with her opinions, she also never misses the chance to weave in expert voices, keeping things balanced and insightful. In short, Aishwarya brings a fresh, sharp, and fact-driven voice to every story she touches.
