Cobrapost Exposes ₹28,874 Crore Fraud by Anil Ambani’s ADA Group
In a bombshell investigation, Cobrapost has accused Anil Ambani’s ADA Group of a staggering ₹28,874 crore financial fraud. The exposé reveals a complex network of shell companies, manipulated transactions, and alleged misuse of public funds, sending shockwaves through India’s corporate sector.
Key Allegations: How the Fraud Unfolded
Cobrapost’s report claims the ADA Group—encompassing Reliance Capital, Reliance Infrastructure, and Reliance Power—orchestrated the fraud between 2016 and 2022. Here’s what the investigation uncovered:
1. Round-Tripping via Shell Companies
The group allegedly cycled funds through dubious entities to inflate revenues and deceive lenders.
2. Fabricated Invoices & Transactions
Documents suggest subsidiaries engaged in bogus deals to exaggerate profitability.
3. Misuse of Public Bank Loans
Crores borrowed from SBI, PNB, and other PSBs were purportedly diverted from intended projects.
4. Stock Market Manipulation
Whistleblower accounts hint at artificial stock price inflation to attract investments.
ADA Group’s Defense: “Baseless and Defamatory”
The ADA Group dismissed the claims as “malicious fiction,” stating:
“We follow strict corporate governance and will pursue legal action against false reporting.”
Cobrapost, however, asserts its findings are backed by bank records, internal documents, and insider testimonies.
Regulatory Reckoning: SEBI, ED Probes Likely
The scandal could trigger major consequences:
– Banking Crisis: PSBs may face fresh NPAs if loans are proven fraudulent.
– Investor Fallout: Shareholders brace for volatility in ADA Group stocks.
– Legal Actions: Potential PMLA and Companies Act violations could lead to penalties.
Political Backlash Ahead of 2024 Elections
Opposition parties are leveraging the report to critique lax corporate oversight, while experts question why regulators failed to detect the alleged fraud earlier.
What’s Next?
Cobrapost has urged the CBI, SEBI, and RBI to intervene. Investors are advised caution as the saga unfolds.
Conclusion
The ADA Group now faces a battle for credibility amid calls for accountability. Whether this sparks systemic reform or fades into legal limbo hinges on regulators’ next steps.
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