Anil Ambani’s Reliance Group on Wednesday issued a strong statement ahead of an alleged exposé by online portal Cobrapost, accusing corporate rivals of launching a “campaign of calumny, disinformation, and character assassination.”
In regulatory filings, Reliance Infrastructure and Reliance Power said Cobrapost’s purported expose was nothing more than a recycling of old, publicly available information, which had been “misrepresented, distorted, and taken out of context.”
“The information being cited has long been in the public domain and has already been examined by statutory authorities, including the CBI, ED, SEBI, and other competent agencies,” the statement added.
Cobrapost, known for its investigative reports, has invited media for a press conference on Thursday, claiming it will unveil how a “corporate giant diverted funds worth ₹28,874 crore in a fraudulent manner.” The invitation, titled “The Lootwallahs: How Indian Business is Robbing Indians-I. The Ledger of Lies”, mentions a fraud amounting to around ₹41,000 crore, but does not name the company.
In response, Reliance Group said it had received media queries regarding the event and alleged that “certain corporate rivals, acting through nominated individuals and entities,” were attempting to manipulate market sentiment and crash stock prices to acquire Reliance Group assets cheaply.
The statement described the exercise as a “malicious campaign” and a “desperate attempt at extortion of concessions and benefits.”
While the group did not identify specific rivals, it claimed the targeted assets included BSES Ltd (Delhi power distribution), Mumbai Metro, and the 1,200 MW Rosa Power Project.
