Overview
- Cobrapost’s report alleges roughly Rs 28,874 crore was siphoned from listed ADA Group firms since 2006, with an additional $1.535 billion routed via offshore entities, taking the total beyond Rs 41,921 crore.
- The portal says funds moved through dozens of SPVs, subsidiaries and shell companies across the BVI, Cyprus, Mauritius, Singapore, the US and the UK to promoter-linked entities.
- Details cited include a $750 million transfer from NexGen Capital to Singapore-based EMITS that was later sent to Reliance Innoventures, and a $20 million yacht purchase in 2008 allegedly financed through group entities.
- Companies named in the report include Reliance Communications, Reliance Capital, Reliance Infrastructure, Reliance Home Finance, Reliance Commercial Finance and Reliance Corporate Advisory Services, with several transactions allegedly written off after routing.
- Reliance ADA Group rejects the allegations as a recycled, agenda-driven hit job, accuses Cobrapost of coercive tactics, and says many issues are sub judice, while Reliance Infrastructure and Reliance Power have asked SEBI to examine recent trading patterns for possible manipulation.