Top Tweets for #Lootwallahs
Since the FDI is made under the automatic route, there is a possible FDI violation. The graver offense could be money laundering since EMITS, the investing company was dissolved and disappeared, this wiping out the source of the funds.
#Lootwallahs #JadugarADAG
The money moves further downstream into companies that are merged with Reliance ADAG holding company Reliance Innoventures.
#Lootwallahs #JadugarADAG
Reliance Commercial Finance Ltd did pretty much the same thing by passing Rs 4,979.89 crore in borrowed funds through 27 entities in what appeared to be legitimate loans.
#Lootwallahs #JadugarADAG
Reliance Home Finance Ltd diverted Rs 7965 crore as loans to Reliance ADAG promoter companies that were all written off and the loans became NPAs. SEBI found that Rs 8,846 crore moved through 43 Reliance ADA Group companies to end up in 14 other group companies.
#Lootwallahs #JadugarADAG
Reliance Capital and its subsidiaries siphoned off another Rs 14,000 crore. They gave bogus loans that were routed back to Reliance ADAG promoter companies. Again, this was done through a complex web of shells. Each of them is explained below
#Lootwallahs #JadugarADAG
But this is not just a trail of money and corporations that disappear into paper vaults. Some of the money ends up feeding vanity projects such as a US $20 million yacht and a Hollywood dream, all of which are funded with this diverted cash.
#Lootwallahs #JadugarADAG
Here’s a thread 🧵breaking down our story on the Reliance ADA Group which shows how they diverted cash from credit and investments over several years and routed them to promoter companies
https://t.co/IhJvsmLCd5
#Lootwallahs #JadugarADAG
The #Lootwallahs Part One:
Cobrapost presents the first in the "Lootwallah" series that investigates corporate giants from where public money (loans, public offerings, external commercial borrowings, investments, etc) were diverted into promoter group companies through shell corporations.
Cover Story: https://t.co/d2HY5nM90q
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