A Cobrapost report has revealed that the Reliance Anil Dhirubhai Ambani (ADA) Group diverted ₹41,921 crore with the help of domestic and offshore companies.
According to ETCFO.com, the probe revealed that the diversion involved domestic fund transfers and international inflows structured through tax havens.
The Reliance Anil Dhirubhai Ambani (ADA) Group has denied all the charges and termed them “false,” “baseless,” and “motivated.” The company defended itself, stating that all transactions took place within the ambit of the law and were mentioned in audited financial statements.
The Cobrapost report drew out from the filings before the Ministry of Corporate Affairs (MCA), the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and orders of the National Company Law Tribunal. The report also cited the findings of the Bank of Baroda, which conducted the forensic audit of Reliance Home Finance Ltd (RHFL).
Cobrapost accused Reliance ADAG of diverting funds that it had raised in the form of loans through several of its entities, including Reliance Capital, Reliance Home Finance, Reliance Commercial Finance, Reliance Infrastructure, and Reliance Communications. It alleged that the funds were transferred through various entities and were later written off or absorbed by the holding companies.
As per the Cobrapost report, the funds allegedly diverted domestically amounted to Rs 28,874 crore, while the foreign inflow was Rs 13,047 crore, bringing the total to Rs 41,921 crore.
“All transactions have been duly reflected in audited financial statements and subjected to regulatory scrutiny,” ETCFO.Com quoted the company as saying. The company said it reserves its legal rights.
