October 30, 2025

Hold on tight! The investigative portal Cobrapost dropped a bombshell on Thursday. It accused Anil Ambani's Reliance Group of pulling off a massive financial fraud worth over Rs 41,921 crore! According to their probe, since 2006, huge sums were moved secretly from big listed firms like Reliance Communications and Reliance Capital to companies linked to the promoters themselves. How? By cleverly diverting money raised from bank loans, IPOs, and bonds. Cobrapost claims about Rs 28,874 crore was taken out like a magician’s trick. But wait, there’s more. The portal says an additional USD 1.535 billion (Rs 13,047 crore) was brought into India fraudulently through a web of offshore companies in Singapore, Mauritius, Cyprus, the British Virgin Islands, the US, and the UK. They point to a mysterious company in Singapore, Emerging Market Investments & Trading Pte (EMITS), which got USD 750 million from an even more mysterious benefactor called NexGen Capital. This money was then passed on to Reliance Innoventures, the group’s holding firm, before EMITS quietly disappeared. Cobrapost shouts “money laundering!” over this move. The report blasts numerous laws like the Companies Act, FEMA, PMLA, SEBI Act, and Income Tax Act were broken. Cobrapost backs its claims with filings and court orders from serious bodies like the Ministry of Corporate Affairs, SEBI, NCLT, and RBI. They also say the group’s cash was misused for personal luxuries — including a $20 million yacht bought by Anil Ambani in 2008 through one of the listed companies. What a splash! Adding spice, Cobrapost reveals dozens of shell firms and special purpose vehicles were used to hide these fund movements. In the end, six major listed companies faced financial disaster with bad loans and write-offs piling up. Editor Aniruddha Bahal harshly said this meant a “total erosion of public wealth” amounting to Rs 3.38 lakh crore, counting market losses and bad debts. But hold your horses! The Reliance Group hammered back fiercely. They called the entire report a recycled and malicious attack. Calling Cobrapost a “dead platform resurrected” with zero credibility, they accused it of trying to crash their stock prices and create panic to grab their assets. They said, “The allegations were based on old, publicly available information already examined by CBI, ED, SEBI and others.” This was “an organised attempt to prejudice a fair trial.” The group named their rivals eyeing prized properties like Delhi’s BSES power company, Mumbai Metro, and the huge 1,200 MW Rosa power project. Meanwhile, their listed firms Reliance Infrastructure Ltd and Reliance Power Ltd have complained to SEBI asking for a probe into suspicious trading in their shares. So, what’s the final story here? Big accusations flying, sharp rebuttals, and the fight for billions continues. Stay tuned because this corporate drama is far from over!

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Tags: Anil ambani, Reliance group, Financial fraud, Cobrapost investigation, Money laundering, Stock market,