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New Delhi: Investigative news website Cobrapost on Thursday alleged that the Reliance Anil Dhirubhai Ambani Group has indulged in “a massive banking fraud amounting to more than Rs. 28,874 crores” 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 million 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, C

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