The CBI has registered an FIR on the basis of a written complaint received from Employees’ Provident Fund Organisation (EPFO). The FIR has been filed against Reliance Capital Limited (RCL), its former chairman Anil D Ambani, unknown public servants, and other persons for allegedly causing a wrongful loss of Rs 1,007.55 crore, along with an interest liability of Rs 808.67 crore. The accused have been booked for offences including criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.
As per the complaint, during 2013 and 2014, RCL issued secured Non-Convertible Debentures (NCDs). EPFO invested Rs 2,500 crore in these NCDs through four portfolio managers, including Reliance Capital Asset Management Limited. The NCDs were due to mature during 2023 and 2024. It is further alleged that the accused indulged in fraudulent transactions and diversion of funds. This resulted in a default in the redemption of the NCDs by Reliance Capital Limited, causing a total alleged loss of Rs 1,816.22 crore to EPFO.
CBI has taken up the investigation to identify the role of all persons involved, including public servants and private individuals. It will also examine the alleged criminal conspiracy and trace the end use of the invested funds.
It may be recalled that CBI had earlier registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Reliance Telecom Limited (RTL). Those cases were filed on the basis of complaints received from various Public Sector Banks and LIC.
So far, CBI has filed four chargesheets and arrested seven accused persons in the Reliance ADA Group cases. These cases are under investigation and are being monitored by the Supreme Court. CBI has reiterated its commitment to conducting an expeditious and comprehensive probe.
Meanwhile, a statement issued by Anil Ambani’s spokesperson said, “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of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an administrator.”
It further stated, “Mr Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law.”
