Mumbai: The Central Bureau of Investigation (CBI) has registered an FIR against Reliance Capital Limited (RCL), its former Chairman Anil Ambani, unknown public servants and other unidentified persons over an alleged fraud involving Employees’ Provident Fund Organisation (EPFO) investments.
The case stems from a complaint filed by the EPFO under the Ministry of Labour and Employment. According to the CBI, the accused allegedly caused a wrongful loss of ₹1,007.55 crore to the EPFO, along with an interest liability of ₹808.67 crore, taking the total alleged loss to ₹1,816.22 crore.
The FIR includes charges of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
Investment in Reliance Capital NCDs
According to the investigating agency, Reliance Capital issued secured Non-Convertible Debentures (NCDs) during 2013 and 2014. The EPFO invested ₹2,500 crore in these instruments through four portfolio managers, including Reliance Capital Asset Management Limited.
The debentures were scheduled to mature during 2023 and 2024.
The CBI alleged that fraudulent transactions and diversion of funds resulted in Reliance Capital defaulting on the redemption of the NCDs, causing substantial financial losses to the EPFO.
The agency said it is investigating the role of all individuals involved, including public officials and private persons, while tracing the end use of the invested funds.
Anil Ambani Denies Allegations
Responding to the FIR, a spokesperson for Anil Ambani said the case relates to Reliance Capital and noted that Ambani served as the company’s Non-Executive Director and Chairman from 2005 until November 2021.
The spokesperson added that the Reserve Bank of India superseded the company’s Board in November 2021 and appointed an Administrator.
“Ambani denies any wrongdoing whatsoever and reserves all rights available to him in law,” the spokesperson said.
Earlier CBI Cases
The CBI also noted that it has previously registered seven FIRs against Reliance Communications, Reliance Home Finance, Reliance Commercial Finance and Reliance Telecom based on complaints from public sector banks and LIC.
The agency has filed four charge sheets and arrested seven accused in matters related to the Reliance ADA Group. It said those investigations are continuing under the monitoring of the Supreme Court.
