New Delhi: The Central Bureau of Investigation (CBI) on Saturday registered an FIR against Reliance Capital Limited (RCL), its former Chairman Anil Ambani, unknown public servants and other unidentified persons in connection with an alleged Rs 1,816.22 crore Employees’ Provident Fund Organisation (EPFO) investment fraud.
The case has been registered on the basis of a complaint filed by the Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment. The FIR alleges offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
EPFO Invested Rs 2,500 Crore in Reliance Capital Debentures
According to the CBI, the complaint states that during 2013 and 2014, Reliance Capital issued secured Non-Convertible Debentures (NCDs) in which the EPFO invested Rs 2,500 crore through four portfolio managers, including Reliance Capital Asset Management Limited.
The debentures were scheduled to mature during 2023 and 2024.
The investigating agency alleged that fraudulent transactions and diversion of funds led to Reliance Capital’s failure to redeem the NCDs, resulting in a wrongful loss of Rs 1,007.55 crore to the EPFO, along with an interest liability of Rs 808.67 crore, taking the total alleged loss to Rs 1,816.22 crore.
CBI Probing Alleged Fund Diversion and Criminal Conspiracy
The CBI said it has begun a detailed investigation to identify the roles of all individuals involved, including public servants and private persons.
The agency will examine the alleged criminal conspiracy, trace the end use of the invested funds and determine whether any laws were violated during the investment process.
Several Reliance ADA Group Cases Already Under Investigation
The CBI noted that it has previously registered seven FIRs against companies linked to the Reliance ADA Group, including Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) based on complaints from public sector banks and the Life Insurance Corporation of India (LIC).
So far, the agency has filed four charge sheets and arrested seven accused in connection with the Reliance ADA Group cases.
The CBI added that these investigations are being monitored by the Supreme Court and reaffirmed its commitment to conducting a comprehensive and time-bound probe.