Mumbai, Oct 30 (NationPress) The Reliance Group firmly rejected the Cobrapost report, which claimed that the company, led by Anil Ambani, had misappropriated funds exceeding Rs 41,900 crore, describing it as “a malicious, baseless, and motivated campaign” orchestrated by the news organization at the behest of the group’s corporate competitors.

In their response to the allegations, the Reliance Group indicated that certain corporate adversaries seem to be executing this supposed initiative with the intent of damaging the reputation of Reliance Infrastructure Limited, Reliance Power Limited, Anil D. Ambani, and their vast family of over 55 lakh shareholders. Their goal appears to be to drive down stock prices and incite panic in the market to acquire Reliance Group assets at significantly reduced prices.

While the Reliance Group did not specify the identities of these corporate rivals, they asserted that these entities aim to seize valuable assets like BSES Ltd (Delhi's power distribution company), Mumbai Metro, and the 1,200 MW Rosa power project at bargain prices.

The group further stated that the information cited in the Cobrapost report is already accessible in the public domain and has undergone scrutiny by various statutory bodies, including the CBI, ED, SEBI, and other competent agencies. They noted, “Any suo motu comments or statements on these subjects would amount to contempt of court, and interference with the right to fair trial.”

Over the past three months, the combined market capitalization of Reliance Infrastructure and Reliance Power has plummeted by over Rs 15,000 crore due to rumor-spreading, speculative trading, and orchestrated misinformation. The credibility, intent, and funding of Cobrapost and its associates deserve serious examination, according to the rebuttal.

Earlier, Cobrapost accused the Reliance Anil Dhirubhai Ambani Group of engaging in “a massive banking fraud amounting to more than Rs. 28,874 crore” since 2006 with impunity. The report alleges that the fraud involves misappropriating funds raised through bank loans, IPOs, and bonds by listed ADA Group firms.

Furthermore, approximately $1,535 billion raised overseas was allegedly funneled into India through fraudulent means. This includes $750 million advanced by a mysterious benefactor company, NexGen Capital, to Emerging Market Investments & Trading Pte (EMITS) in Singapore during a temporary custody arrangement with Reliance Innoventures, the holding company of the ADA Group, according to Cobrapost's investigation report available on its website.

“The value of US$1,535 million thus diverted equates to Rs. 13,047.50 crore in Indian currency, and altogether, the amounts involved surpass Rs. 41,921.57 crore,” alleges the Cobrapost report.