CBI registers 1,816.22cr fraud case against Reliance Capital, Anil Ambani
The CBI has registered a massive ₹1,816.22 crore alleged fraud case against Reliance Capital Limited and its former chairman, Anil D. Ambani.
This all started after the Employees's Provident Fund Organization (EPFO) accused them of cheating, criminal conspiracy, and breaking trust over EPFO's investments, basically, money meant for workers' savings.
EPFO's 2,500cr NCDs were allegedly diverted
Back in 2013-14, Reliance Capital raised money through secured bonds (NCDs), getting EPFO to invest ₹2,500 crore.
But things went south: these bonds defaulted because funds were allegedly diverted elsewhere and transactions weren't above board.
Now there's a huge liability of ₹1,816.22 crore (including interest).
The CBI is digging into everyone involved; plus, it's already investigating other Reliance ADA Group companies for similar complaints.