The Central Bureau of Investigation (CBI) on Friday registered an FIR against Anil Ambani, former Chairman of Reliance Capital Ltd, along with unknown
public servants and other unidentified persons, following a complaint from the Employees' Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment. According to the FIR, the accused allegedly caused a wrongful loss of Rs 1,007.55 crore to the EPFO, besides creating an interest liability of Rs 808.67 crore. The CBI has invoked charges including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct. As per the complaint, it is alleged that during 2013 and 2014, Reliance Capital Limited (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 Limited. The NCDs were due to mature during 2023 and 2024. It is further alleged that the accused persons indulged in fraudulent transactions and diversion of funds, resulting in the default in redemption of the NCDs by Reliance Capital Limited and causing a total alleged loss of Rs 1,816.22 crore to the EPFO. The probe is currently underway to identify the role of all persons involved, including public servants and private individuals, examine the alleged criminal conspiracy, and trace the end use of the invested funds. Notably, the CBI has earlier registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) on the basis of complaints received from various Public Sector Banks and LIC. The CBI has so far filed 4 chargesheets and arrested seven accused persons in the Reliance ADA Group cases. These cases are under investigation, and the investigation is being monitored by the Supreme Court. The CBI remains committed to conducting an expeditious and comprehensive investigation into these cases.
Anil Ambani Denies Any Wrongdoing
Releasing a statement on behalf of Anil Ambani, his spokesperson has released a statement saying that the case pertains to Reliance Capital Ltd. and not to him in his personal capacity."The FIR registered by the CBI pertains to Reliance Capital Limited. Mr. Ambani served as the Non-Executive Director and Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the company's Board of Directors and appointed an Administrator.
"Mr Ambani categorically denies any wrongdoing whatsoever and reserves all rights available to him under the law," the statement added.
