New Delhi: The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCL), its former chairman Anil D. Ambani, unknown public servants and other individuals in connection with an alleged ₹1,816.22 crore Employees’ Provident Fund Organisation (EPFO) investment fraud. The case is based on a complaint submitted by the EPFO through the Ministry of Labour and Employment. According to the agency, financial irregularities in investments made through secured Non-Convertible Debentures (NCDs) resulted in a substantial loss of public funds.
The CBI said the alleged liability totals ₹1,816.22 crore, comprising a principal amount of ₹1,007.55 crore and an interest liability of ₹808.67 crore. The agency has invoked provisions relating to criminal conspiracy, cheating, criminal breach of trust and criminal misconduct by public servants under the applicable laws.
According to the complaint, Reliance Capital Limited issued secured Non-Convertible Debentures during 2013 and 2014, in which the EPFO invested ₹2,500 crore through four portfolio managers. Reliance Capital Asset Management Limited was among the portfolio managers involved in facilitating the investments. The investment was intended to generate secure long-term returns, with the debentures scheduled to mature during 2023 and 2024.
Investigators have alleged that after receiving the investment, the accused were involved in fraudulent financial transactions and diverted the invested funds for purposes other than those for which they were raised. As a result, Reliance Capital allegedly defaulted on redeeming the debentures upon maturity, leaving a significant portion of the EPFO’s investment unpaid. The CBI will examine the end use of the funds and determine whether the transactions formed part of a larger criminal conspiracy involving both private individuals and public officials.
The agency stated that the investigation will seek to identify the role of every individual connected with the case, including unknown public servants named in the complaint. Investigators will scrutinise the investment approval process, fund movement, financial records, corporate documents and other evidence to establish the sequence of events and identify any violations of law.
The case adds to a series of investigations already underway against companies associated with the Reliance ADA Group. The CBI has previously registered seven FIRs against Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited and Reliance Telecom Limited following complaints filed by various public sector banks and the Life Insurance Corporation of India (LIC).
According to the agency, four charge sheets have already been filed and seven accused have been arrested in earlier Reliance ADA Group cases. Those investigations are being monitored by the Supreme Court. In the latest EPFO investment case, the CBI will continue examining financial transactions, investment decisions, the alleged diversion of funds and the role of all individuals involved. Further legal action, including the identification of additional accused and the filing of supplementary charge sheets, will depend on the findings of the ongoing investigation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
