Mumbai: The Central Bureau of Investigation has registered a First Information Report against Reliance Capital Limited, its former chairman Anil D. Ambani, unidentified public servants, and other individuals following an official complaint from the Employees’ Provident Fund Organisation. The investigative agency alleges that the accused caused a principal loss of 1,007.55 crore rupees to the pension body, alongside an additional interest liability amounting to 808.67 crore rupees. The charges filed under the case encompass criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.
According to details outlined in the complaint, Reliance Capital issued secured Non-Convertible Debentures during 2013 and 2014. The Employees’ Provident Fund Organisation invested a total of 2,500 crore rupees into these debentures through four designated portfolio managers, including Reliance Capital Asset Management Limited. Although the debentures were scheduled to mature between 2023 and 2024, the accused allegedly engaged in fraudulent transactions and the systematic diversion of funds. This led to a complete default in the redemption of the debentures by Reliance Capital Limited, resulting in an estimated total financial impact of 1,816.22 crore rupees to the public fund.
The central probing agency has initiated a comprehensive investigation to trace the ultimate end use of the invested funds and to evaluate the specific roles played by both private individuals and public servants involved in the alleged criminal conspiracy. The current case expands upon prior enforcement actions, with the central agency having previously filed seven separate First Information Reports involving related entities—including Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited, and Reliance Telecom Limited—on the basis of complaints from public sector banks and the Life Insurance Corporation of India. To date, federal investigators have submitted four chargesheets and made seven arrests across the broader investigation into Reliance ADA Group entities, which remains under active monitoring by the Supreme Court of India.
