Daijiworld Media Network - New Delhi

New Delhi, Oct 30: Investigative website Cobrapost on Thursday alleged that the Anil Ambani-led Reliance ADA Group siphoned off Rs 28,874 crore through a complex web of subsidiaries, shell companies, and offshore entities. According to the report, the group used dozens of Special Purpose Vehicles (SPVs) and entities based in the British Virgin Islands, Cyprus, Mauritius, the US, UK, and Singapore to channel funds to Reliance Innoventure, the group’s main holding company.

Cobrapost claims the funds were diverted via loans to subsidiaries, issuance of debentures and preference shares, and subsequent write-offs of these loans. The report also alleges that US$1.53 billion was transferred to India through suspicious transactions, primarily raised as exter

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