Overview
- Cobrapost published an investigation alleging that about Rs 28,874 crore was siphoned domestically since 2006 and that $1.535 billion was routed into India through offshore structures.
- The report cites networks of SPVs and shell firms across Singapore, Mauritius, Cyprus, the BVI, the US and the UK, highlighting transactions involving EMITS, NexGen Capital and a $20 million yacht purchase in 2008.
- Reliance Group rejected the claims as recycled and agenda driven, describing Cobrapost as a dormant platform revived by vested interests and accusing its founder of coercive tactics.
- The company said the material had already been examined by agencies such as the CBI, ED and SEBI and alleged the campaign sought to depress valuations to facilitate asset grabs including BSES, Mumbai Metro and the Rosa power project.
- Reliance Infrastructure and Reliance Power filed complaints with SEBI seeking probes into unusual trading patterns, and no independent regulatory determination has been reported so far.