Mumbai, Oct 30 The Reliance Group on Thursday dismissed the Cobrapost report -- which alleged that the Anil Ambani-led company had diverted funds to the tune of over Rs 41,900 crore -- as “a malicious, baseless, and motivated campaign” being orchestrated by the news platform at the behest of the group’s corporate rivals.
The Reliance Group said in its rebuttal to the report that certain corporate rivals appear to be orchestrating this alleged exercise with the malicious intent to tarnish the reputation of Reliance Infrastructure Limited, Reliance Power Limited, Anil D. Ambani, and one of the largest family of over 55 lakh shareholders aimed at crashing the stock prices, and engineering panic in stock markets to acquire Reliance Group assets at rock bottom stock priced levels.
The Reliance Group did not mention who the corporate rivals were, but stated that they wanted to acquire its prime assets, such as Delhi's power distribution company BSES Ltd, Mumbai Metro and 1,200 MW Rosa power project at throwaway prices.
The Reliance Group also said the information being referred to in the Cobrapost report is long available in the public domain and has already been examined by statutory authorities, including the CBI, ED, SEBI, and other competent agencies. “Any suo motu comments or statements on these subjects would amount to contempt of court, and interference with the right to fair trial,” it added.
Over the last three months, the combined market capitalisation of Reliance Infrastructure and Reliance Power has declined by over Rs 15,000 crore, driven by rumor-mongering, speculative trading, and orchestrated misinformation. The credibility, intent, and funding of Cobrapost, and its associates therefore merit serious scrutiny, the rebuttal added.
Earlier in the day, Cobrapost alleged that the Reliance Anil Dhirubhai Ambani Group has indulged in “a massive banking fraud amounting to more than Rs. 28,874 crore” since 2006 with impunity. The Cobrapost report alleges that the fraud involves siphoning off funds that were raised through bank loans, IPOs and bonds by listed ADA Group companies
In addition, about $1,535 billion raised abroad was routed to India in a fraudulent manner. This includes $750 million a mysterious benefactor company, NexGen Capital, advanced to Emerging Market Investments & Trading Pte (EMITS) of Singapore during a temporary custody arrangement with Reliance Innoventures, the holding company of the ADA Group, Cobrapost further alleged in its investigation report which has been posted on its website.
“The value of US$1,535 million thus diverted works out to Rs. 13,047.50 crore in Indian currency and put together, the amounts involved stand at more than Rs. 41,921.57 crore,” the Cobrapost report alleges.
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