Overview
- Cobrapost published an investigation claiming Reliance ADA Group siphoned Rs 28,874 crore since 2006 through loans, debentures and write-offs routed via SPVs and offshore shells.
- The report alleges US$1.535 billion raised overseas was funneled into India, including a $750 million transfer linked to NexGen Capital and $785 million in external commercial borrowings.
- Alleged pass-through entities span the British Virgin Islands, Cyprus, Mauritius, Singapore, the United States and the United Kingdom, with funds purportedly reaching Reliance Innoventures.
- Reliance Group rejected the claims as recycled and agenda-driven, accused Cobrapost of coercive tactics, and asserted the outlet’s revival serves parties seeking to acquire group assets cheaply.
- Reliance Infrastructure and Reliance Power filed complaints with SEBI seeking a probe into recent trading patterns after reporting sharp market-cap declines, and no regulator has validated the allegations to date.