Join WhatsApp

Folow Facebook

Subscribe YouTube

Follow Instagram

New Delhi: News website Cobrapost, in its report on the alleged siphoning of Rs. 28,874 crore by the Anil Ambani -led Reliance Group, on Thursday claimed that the modus operandi deployed included the use of dozens of pass-through entities, called Special Purpose Vehicles (SPVs), subsidiaries, shell companies or offshore entities based in the British Virgin Islands (BVI), Cyprus, Mauritius, the United States, the United Kingdom and Singapore, to route funds to Reliance Innoventure — the main holding company of the group.

This was allegedly done by way of granting loans to subsidiaries and allotment of debentures and preference shares and siphoning off those funds using SPVs or shell entities and then writing off the loa

See Full Page