Investigative portal Cobrapost Thursday alleged Anil Ambani’s Reliance Group had committed a massive financial fraud exceeding Rs 41,921 crore through diversion of funds from group companies since 2006 – a charge the group denied as a malicious campaign aimed at crashing stock prices.

Cobrapost claimed that about Rs 28,874 crore raised through bank loans, IPO proceeds, and bonds was siphoned from listed Group firms, including Reliance Communications, Reliance Capital, Reliance Home Finance, Reliance Commercial Finance, and Reliance Corporate Advisory Services, to promoter-linked companies.

Citing its investigation, it also alleged that an additional USD 1.535 billion (Rs 13,047 crore) was routed into India “in a fraudulent manner” through offshore entities in Singapore, Mauritius, Cyprus

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