Investigative portal Cobrapost has claimed to have uncovered a massive financial fraud of over ₹28,874 crore allegedly perpetrated by the Reliance Anil Dhirubhai Ambani Group (ADAG), led by industrialist Anil Ambani and his family. The alleged scam, brewing since 2006, involves the diversion of funds from six listed companies belonging to the group.

The companies named in the investigation are Reliance Infrastructure Ltd., Reliance Capital Ltd., Reliance Communications Ltd., Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., and Reliance Corporate Advisory Services Ltd. According to Cobrapost, the money siphoned off came from bank loans, IPO proceeds, and funds raised through bonds.

Announcing the findings at a press conference on Thursday, Aniruddha Bahal, founder-editor of C

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