The Central Bureau of Investigation has registered a new case against industrialist Anil Ambani and others in connection with alleged fraud involving the Life Insurance Corporation of India, according to the agency. The case is based on a complaint received from LIC alleging conspiracy, cheating, misappropriation and offences under the Prevention of Corruption Act. The agency said the case relates to alleged wrongful loss of Rs 3,750 crore to LIC.
Allegations Linked to LIC Investment
According to the FIR, Reliance Communications, Ambani, the then non executive chairman, and unknown public servants have been named in the case. They have been accused of criminal conspiracy, cheating, and criminal breach of trust. Ambani is already facing multiple cases filed by the federal investigating agency.
The agency has been probing Ambani in alleged loan fraud cases linked to Reliance Communications since 2025. These involve lender exposure of over Rs 40,000 crore across banks including SBI, Bank of Baroda and PNB. So far, the CBI has registered at least three FIRs involving Rs 2,929 crore related to SBI, Rs 2,220 crore related to Bank of Baroda and Rs 1,085 crore related to PNB, with allegations of fund diversion and fictitious transactions.
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Complaint Based on Forensic Audit
The new case has been registered on the basis of a complaint from LIC which alleged that the insurer was induced to subscribe to non convertible debentures worth Rs 4,500 crore based on false representations regarding the financial health of Reliance Communications, and the security and asset cover offered while subscribing to the debentures.
LIC filed the complaint on the basis of a forensic audit report dated October 15, 2020 conducted by BDO India LLP. The audit reported that Reliance Communications and its management had resorted to misutilisation of funds raised from banks and financial institutions, routing of funds through subsidiaries, misuse of sale invoice financing, discounting of fictitious bills, and siphoning of funds through inter company deposits or shell related entities.
Findings of Audit Report
The forensic audit also reported creation and write off of fictitious debtors and receivables and gross overstatement of security. The agency said there was a mismatch between the charges and the assets. The investigation is based on these findings and the complaint filed by LIC.
