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RIL refutes charges of money laundering, says fund inflow legitimate

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MUMBAI – Reliance Industries Ltd today refuted allegations of money laundering levelled against the company by the Aam Aadmi Party and said that the charges were baseless and all investments made in its group companies by a Singapore-based entity were transparent.

The Aam Aadmi Party has accused Reliance Industries of being involved in a 65.30-bln-rupee money-laundering operation and demanded an investigation into some deals.

AAP leader Prashant Bhushan had said on Thursday that the Indian government had not investigated commercial intelligence from Indian diplomats in Singapore who had indicated that a company with practically no income was transferring large sums of money to firms such as Reliance Gas Transportation Infrastructure, Reliance Utilities Ltd, and Reliance Ports Ltd.


The company that invested this money in Reliance group companies was Biometrix Marketing, which operates from just one room that is mostly closed, alleged Bhushan.

“Investments made by Biometrix in Indian companies were from loans raised from Singapore Branch of ICICI Bank,” Reliance Industries said in a statement today. “Investments made by Biometrix into Indian entities have been scrutinized and investigated by Regulatory Authorities. We have participated and fully co-operated in the investigation and the Regulatory Authorities have been apprised of the true and correct facts.”

Reliance Industries shares ended down 1.3% today at 799.95 rupees on the National Stock Exchange.