CBI files FIR against Reliance Capital and ex-chairman Anil Ambani over alleged fraudulent NCD investments causing ₹1,816 crore loss to EPFO. Ambani denies wrongdoing.
The Central Bureau of Investigation has registered an FIR against Reliance Capital Limited and its former chairman Anil D Ambani for allegedly causing a loss of ₹1,816.22 crore to the Employees' Provident Fund Organisation, officials said Saturday.
Ambani denied any wrongdoing, according to a statement from his spokesperson.
The case stems from a July 21 complaint by the Union Ministry of Labour and Employment. It alleged cheating, criminal conspiracy, and wrongful loss to the EPFO.
The complaint said EPFO invested in secured non-convertible debentures issued by Reliance Capital during 2013 and 2014. Portfolio managers deployed ₹2,500 crore in those NCDs, which were to mature in 2023 and 2024.
The ministry acted after the Enforcement Directorate shared documentary evidence and a transaction audit by BDO India LLP. The audit, according to the complaint, showed a prima facie case of fraudulent transactions by the company and its management between December 2019 and December 2021.
"In addition, during an earlier period as well, various fraudulent transactions have been found which also led to ultimate failure of RCL as a consequence of siphoning off of money of RCL," the complaint alleged.
The ED probe pointed to irregular lending, diversion of funds, and impairment of security, the complaint said. "If established upon investigation, such conduct may have materially contributed to the financial deterioration of RCL, its inability to honour its obligation towards Debenture Holders, and the consequent loss of ₹1,816.22 crore."
Ambani's spokesperson said the FIR pertains only to Reliance Capital. Ambani served as non-executive director and chairman of the board from 2005 until November 2021, when the Reserve Bank of India superseded the board and appointed an administrator. "Anil Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law."
Reliance Capital (RCL) is part of the Reliance Group and has been under insolvency proceedings since 2021. The stock trades under the ticker RCL on Indian exchanges.
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