New Delhi: Reliance Anil Dhirubhai Ambani Group has responded to allegations of “banking fraud amounting to more than Rs. 28,874 crore” by news website Cobrapost.
Reliance ADA group, issued a rebuttal to the report, saying that that it strongly condemns Cobrapost’s proposed malicious campaign to tarnish the reputation, and mislead stakeholders.
“Reliance Group has received media queries regarding the proposed press conference by Cobrapost, a defunct online platform and self-appointed custodian of public interest, scheduled on Thursday, 30 October, 2025. It has come to the attention that certain corporate rivals, acting through nominated individuals and associated entities, have undertaken a deliberate and sustained campaign of calumny, disinformation, and character assassination. The sole objective behind these actions is to create confusion and undermine the confidence of over 55 lakh shareholders of Reliance Infrastructure and Reliance Power,” the company said in a statement.
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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.
The media release by the company said that the corporate rivals “appear to be orchestrating this alleged exercise with the malicious intent to tarnish the reputation of Reliance Infrastructure Limited, Reliance Power Limited, Anil D. Ambani, and one of the largest family of over 55 lakh shareholders. Their underlying motive is to influence public perception, and manipulate market sentiment to serve their own vested commercial interests.”
A Malicious Conspiracy Masquerading as Journalism
At the outset, Reliance Group categorically asserts that there are no new facts or revelations in the material being circulated or proposed to be disseminated. Cobrapost’s so-called “exposé” is merely a regurgitation of old publicly available information – misrepresented, distorted, and taken entirely out of context. The information being referred to is long available in the public domain and has already been examined by statutory authorities, including the CBI, ED, SEBI, and other competent agencies. Furthermore, a large number of matters are sub judice and are being adjudicated before competent judicial forums. Any suo motu comments or statements on these subjects would amount to contempt of court, and interference with the right to fair trial.
Cobrapost claims it identified 26 offshore entities which are among the beneficiary companies and to some of which funds were remitted by ADAG shell companies. The locations of at least 14 of these 26 offshore shell entities have also been found.
Reliance Group Condemns Criminal Extortion and Intimidation, Blackmail and Greenmail Tactics
The Reliance Group has expressed grave concern that Aniruddha Bahal of Cobrapost has “engaged in improper and coercive tactics, seeking to extract concessions that “more than meets the eye” from the Reliance Group under the guise of professional and impartial journalism. A number individuals claiming association with Cobrapost have approached the Group’s well-wishers, suggesting that the matter could be “settled” through means that raises serious ethical and legal questions. The Reliance Group considers any such conduct to be unlawful and unacceptable, reflecting a disturbing pattern of blackmail and greenmail-style tactics that have no place in ethical practice. The Reliance Group strongly condemns such practices, and will take all necessary measures to protect the interests of its shareholders, including pursuing all appropriate legal remedies, ranging from contempt proceedings to defamation actions.”
A Predatory Strategy to Crash Stocks and Grab Assets at Throwaway Prices
Reliance Group said that that these “vested interests and corporate rivals, in line with their standard predatory strategies to acquire valuable assets at throwaway prices, appear to be allegedly sponsoring this malicious campaign with only and clear commercial motive.”
The company said that these entities are attempting to crash the stock prices, and engineer panic in the markets in order to acquire valuable assets of Reliance Infrastructure and Reliance Power at distressed valuations or rock bottom stock price levels.
a) BSES Limited, India’s leading power distribution company, supplying electricity to over twothirds of Delhi’s households, and serving more than 50 lakh consumers.
b) Mumbai Metro, the lifeline of India’s financial capital, serving over 5 lakh commuters daily, and encompassing valuable real estate assets integral to city’s infrastructure landscape.
c) 1,200 MW Rosa Power Project, operating under a long-term 25-year Power Purchase Agreement (PPA), a key contributor to energy infrastructure.
Over the last three months, the combined market capitalization of Reliance Infrastructure and Reliance Power has declined by over Rs 15,000 crore, driven by rumor-mongering, speculative trading, and orchestrated misinformation. The credibility, intent, and funding of Cobrapost, and its associates therefore merit serious scrutiny, the company added.
Cobrapost – Defunct and Discredited
Reliance ADA group said that Cobrapost is a defunct and discredited online platform that has been largely dormant since 2019.
“We view the proposed press conference is a calculated attempt to tarnish the image, credibility, and standing of the Reliance Group and Mr. Anil D. Ambani, while simultaneously seeking to destabilize shareholder confidence and influence ongoing investigations,” said the company.
Shareholder Protection Comes First
“Over the last quarter, Reliance Infrastructure and Reliance Power have experienced heightened speculation and rumor‑driven volatility. To safeguard investor interests, the companies have filed a complaint with the Securities and Exchange Board of India (SEBI) requesting an immediate review of trading patterns and any activities that may undermine market integrity and erode shareholder value. We urge investors and media to rely on audited disclosures and regulatory filings rather than unverified claims,” Reliance ADA group said.
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