CBI probes ₹1,800cr fraud case against Anil Ambani, Reliance Capital
What's the story
The Central Bureau of Investigation (CBI) has launched an investigation into a major fraud case against Reliance Capital Limited and its former chairman, Anil D. Ambani. The case involves an alleged financial misconduct of ₹1,816.22 crore related to the Employees's Provident Fund Organization (EPFO). The complaint was filed by the EPFO under the Ministry of Labour & Employment.
Charges
Charges include criminal conspiracy and cheating
The CBI has accused Reliance Capital, Ambani, and other unidentified public servants of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.
The allegations stem from a financial transaction in which Reliance Capital issued secured Non-Convertible Debentures (NCDs) in 2013-14.
The EPFO invested ₹2,500 crore through four portfolio managers including Reliance Capital Asset Management Limited.
Financial misconduct
Investigation focuses on identifying all involved parties
The CBI alleged that the accused parties were involved in fraudulent transactions and diversion of funds, which led to Reliance Capital's default on NCD redemption. The bonds were supposed to mature in 2023-24.
The investigation is now focused on identifying all those involved, including public servants and private individuals, examining the alleged criminal conspiracy, and tracing how the invested funds were used.
Previous cases
CBI has registered FIRs against Reliance ADA Group companies
The CBI has already registered seven FIRs against other companies of the Reliance ADA Group, including Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited, and Reliance Telecom Limited.
These cases were filed based on complaints from various public sector banks and LIC.
So far, the agency has filed four chargesheets and arrested seven accused persons in these cases.