New Delhi, Aug 1: The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCL), its former Chairman Anil D. Ambani, and others over allegations of causing a loss of ₹1,816.22 crore to the Employees’ Provident Fund Organisation (EPFO) through investments in secured Non-Convertible Debentures (NCDs).
According to officials, the FIR was registered following a complaint forwarded by the Union Ministry of Labour and Employment on July 21. The complaint alleges offences including cheating, criminal conspiracy and causing wrongful financial loss to EPFO in connection with its investment in NCDs issued by Reliance Capital Limited.
The complaint states that during 2013 and 2014, Reliance Capital issued secured NCDs, in which EPFO, through its portfolio managers, invested a total of ₹2,500 crore. These debentures were scheduled to mature in 2023 and 2024. However, the investments allegedly resulted in a loss of ₹1,816.22 crore after the company failed to honour its obligations.
The Ministry’s complaint further refers to findings shared by the Enforcement Directorate (ED), which reportedly uncovered documentary evidence and a transaction audit conducted by BDO India LLP indicating prima facie fraudulent transactions within Reliance Capital and its management. The complaint alleges irregular lending, diversion of funds, impairment of security and siphoning of company funds, which are said to have contributed to the company’s financial collapse.
The CBI will investigate whether these alleged actions materially contributed to Reliance Capital’s inability to repay investors, including EPFO, resulting in substantial financial losses to the retirement fund.
Responding to the development, a spokesperson for Anil Ambani said the FIR pertains to Reliance Capital Limited and noted that Ambani served as a Non-Executive Director and Chairman of the company’s Board from 2005 until November 2021, when the Reserve Bank of India superseded the Board and appointed an administrator. The spokesperson said Ambani “denies any wrongdoing whatsoever” and reserves all legal rights available to him.
The latest FIR is part of a series of investigations involving companies of the Reliance ADA Group. The CBI has already registered multiple cases and filed chargesheets in other alleged bank fraud matters linked to the group, with several investigations continuing under judicial monitoring.(KNC)
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