Hyderabad: The Central Bureau of Investigation (CBI) has 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 ₹1,816.22 crore Employees’ Provident Fund Organisation (EPFO) investment fraud.
The case has been registered based on a complaint filed by the Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment. The agency has invoked charges of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
EPFO alleges diversion of funds after ₹2,500 crore investment
According to the CBI, the alleged fraud relates to investments made by the EPFO during 2013 and 2014, when Reliance Capital Limited issued secured Non Convertible Debentures (NCDs).
The EPFO invested ₹2,500 crore in these debentures 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 the accused were involved in fraudulent transactions and diversion of funds, resulting in Reliance Capital’s failure to redeem the NCDs on maturity.
According to the complaint, the default caused a principal loss of ₹1,007.55 crore, while the accumulated interest liability increased the total loss to ₹1,816.22 crore.
The CBI said it has launched an investigation to determine the role of all individuals involved, including public servants and private entities, examine the alleged criminal conspiracy and trace the end use of the invested funds.
The agency also noted that it has previously registered seven FIRs against companies belonging 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 CBI has filed four charge sheets and arrested seven accused persons in various Reliance ADA Group-related cases.
The agency said the investigations are continuing under the supervision of the Supreme Court and reiterated its commitment to conducting a comprehensive and expeditious probe.
