- CBI registered FIR against Anil Ambani for alleged loss of Rs 1,007 crore to EPFO
- Allegations include criminal conspiracy, cheating, breach of trust, and misconduct
- EPFO invested Rs 2,500 crore in Reliance Capital NCDs maturing in 2023 and 2024
The Central Bureau of Investigation (CBI) registered an FIR (First Information Report) on Saturday against Reliance Capital's Chairman Anil Ambani on Saturday, alleging that he, along with unknown public servants and other anonymous figures, had caused a wrongful loss of Rs 1,007 crore,
It also further alleged an interest liability of Rs 808.67 crore. The offences included criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
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The FIR was based on a written complaint from the Employees' Provident Fund Organisation (EPFO), which functions under the Ministry of Labour and Employment.
According to the agency, the complaint alleges that Reliance Capital Ltd. (RCL) issued secured non-convertible debentures (NCDs) in 2013 and 2014, in which the Employees' Provident Fund Organisation (EPFO) invested Rs 2,500 crore through four portfolio managers, including Reliance Capital Asset Management Ltd.
The NCDs were scheduled to mature in 2023 and 2024.
The complaint further alleges that the accused engaged in fraudulent transactions and diverted funds, leading to Reliance Capital's default on redeeming the NCDs. As a result, the EPFO allegedly suffered losses of Rs 1,816.22 crore.
"Investigation has been taken up 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," the press release from the CBI stated.
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This development comes after the investigation agency registered seven FIRs against Reliance Communications Ltd. (RCom), Reliance Home Finance Ltd.(RHFL), Reliance Commercial Finance Ltd. (RCFL) and Reliance Telecom Ltd. (RTL) with regards to complaints from a variety of Public Sector Banks and LIC.
"The CBI has so far filed four 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," the release added.
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