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
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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.
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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.
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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.
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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)
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