Shares of Anil Ambani Group companies sinks as ED probe in UBS fraud case
December 16, 2008 · Filed Under Reliance ADAG
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Shares of Reliance Infrastructure and Reliance Natural Resources Ltd on Tuesday tanked in the range of 4-8 per cent on the bourses after reports surfaced that these two ADA Group firms are involved in fraudulent banking activities overseas.
Shares of Reliance Infrastructure, erstwhile Reliance Energy Ltd, plunged 7.63 per cent to a low of Rs 603.20. It was later quoting at Rs 626, down 4.14 per cent on the BSE.
Media reports on Tuesday said the two ADA Group firms — RNRL and REL — were involved in fraudulent activities in the
“Overdrafts had been fraudulently drawn against these overseas accounts in order to route funds through a number of Indian diamond traders.
“The money was suspected to have been used to buy participatory notes (PNs), derivative instruments with Indian stocks, as underlying,” the report said.
It further added that the Enforcement Directorate under the Ministry of Finance was probing the matter because the transactions might amount to violation of Indian foreign exchange and anti-money laundering laws
https://www.relianceinsider.com/2008/12/shares-of-anil-ambani-group-companies-sinks-as-ed-probe-in-ubs-fraud-case/
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