New Delhi, Aug. 1 (ANI): The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) based on a written complaint received from the Employees’ Provident Fund Organisation (EPFO), Ministry of Labour and Employment, against Reliance Capital Ltd., Mumbai; its former chairman, Anil D. Ambani; unknown public servants; and other unidentified individuals for allegedly causing a wrongful loss of Rs. 1,007.55 crore, along with an interest liability of Rs. 808.67 crore.
According to a CBI release, the FIR was registered on July 31 and includes allegations of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.
The CBI alleged that during 2013 and 2014, Reliance Capital Ltd. (RCL) issued secured non-convertible debentures (NCDs), in which the EPFO invested Rs. 2,500 crore through four portfolio managers, including Reliance Capital Asset Management Ltd. The NCDs were due to mature in 2023 and 2024.
The agency further alleged that the accused engaged in fraudulent transactions and diverted funds, resulting in Reliance Capital’s default on redeeming the NCDs and causing an alleged total loss of Rs. 1,816.22 crore to the EPFO.
According to the CBI, the investigation is underway to identify the roles of all individuals involved, including public servants and private parties, examine the alleged criminal conspiracy, and trace the end use of the invested funds.
The agency also noted that it had previously registered seven FIRs against Reliance Communications Ltd. (RCom), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), and Reliance Telecom Ltd. (RTL) based on complaints from various public sector banks and the Life Insurance Corporation of India (LIC).
The CBI said it has so far filed four charge sheets and arrested seven accused persons in cases involving the Reliance ADA Group. These cases remain under investigation, which is being monitored by the Supreme Court. The agency said it remains committed to conducting an expeditious and comprehensive investigation.
Following the development, a spokesperson for Anil D. Ambani said he denies any wrongdoing in connection with the FIR and reserves all legal rights available to him.
“The FIR registered by the CBI pertains to Reliance Capital Limited. Mr. Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator. Mr. Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law,” the spokesperson said. (ANI)
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