Cobrapost alleges ₹28,874 crore fraud by Anil Ambani’s ADA group
The ADA group, in a statement, denied the allegations terming it a malicious campaign to target the group’s reputation and stakeholders.
Web portal Cobrapost in an article published on Thursday accused the Anil Dhirubhai Ambani (ADA) Group of a fraud amounting to ₹28,874 crore since 2006 by diverting money borrowed from banks and investors, although the conglomerate said most of the issues are related to past or ongoing investigations and cases, with the information already being in the public domain.
At a press conference on Thursday, Cobrapost founder editor Aniruddha Bahal said the funds were diverted from the group’s six companies, which granted loans to subsidiaries or shell entities(that were later dissolved) , and subsequently wrote off the loans. The six companies are – Reliance Infrastructure Ltd., Reliance Capital Ltd., Reliance Communication Ltd., Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., and Reliance Corporate Advisory Services Ltd.
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The ADA group in a statement denied the allegations terming it a malicious campaign to target the group’s reputation and stakeholders. “ It is a malicious campaign aimed at crashing the stock prices, and engineering panic in stock markets to acquire reliance group assets. It is recycling of old publicly available information, already examined by CBI, ED, SEBI and other agencies and an organized attempt to prejudice a fair trial.”
At the press conference Bahal highlighted the example of Anil Ambani’s purchase of a yacht for his wife Tina Ambani in 2008. The yacht, according to the report, was purchased through Reliance Transport and Travels Pvt Ltd, an ADA group subsidiary..
{{/usCountry}}At the press conference Bahal highlighted the example of Anil Ambani’s purchase of a yacht for his wife Tina Ambani in 2008. The yacht, according to the report, was purchased through Reliance Transport and Travels Pvt Ltd, an ADA group subsidiary..
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{{/usCountry}}“First, the yacht was chartered through a Jersey-based company, Ammolite Holdings Limited( in which Reliance Capital owned 50% stake),for US$ 4,00,000. Funds were moved from Reliance Communication to Reliance Transport & Travels for a complete buyout. In the third step, funds were moved to Ferretti SPA of Italy on the instruction of Ammolite Holdings. In the final step, all investments in Ammolite Holdings were written off,” Bahal said.
{{/usCountry}}“First, the yacht was chartered through a Jersey-based company, Ammolite Holdings Limited( in which Reliance Capital owned 50% stake),for US$ 4,00,000. Funds were moved from Reliance Communication to Reliance Transport & Travels for a complete buyout. In the third step, funds were moved to Ferretti SPA of Italy on the instruction of Ammolite Holdings. In the final step, all investments in Ammolite Holdings were written off,” Bahal said.
{{/usCountry}}The Cobrapost report also alleged that in another alleged fraud – Reliance Infrastructure, along with Reliance Capital, Reliance Home Finance, and Reliance Commercial Finance, diverted Rs. 14,529.18 crore to both offshore and Indian entities. The funds were allegedly funnelled back to ADA Group promoter companies though Edico Ventures, a promoter-group company.
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Responding to Bahal’s press conference, the Reliance ADA Group said: “Reliance Group categorically asserts that there are no new facts or revelations in the material being disseminated. Cobrapost’s so-called “exposé” is merely a regurgitation of old publicly available information – misrepresented, distorted, and taken entirely out of context. The information being referred to is long available in the public domain and has already been examined by statutory authorities… Furthermore, a large number of matters are sub judice and are being adjudicated before competent judicial forums. Any suo motu comments or statements on these subjects would amount to contempt of court, and interference with the right to fair trial.”
The ADA group in its statement also said that “some individuals claiming association with Cobrapost have approached the Group’s well-wishers, suggesting that the matter could be settled through means that raises serious ethical and legal questions”.
Bahal denied the allegation.
