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, and other unnamed persons in connection with an alleged loss of ₹1,816.22 crore to the Employees’ Provident Fund Organisation (EPFO). The case follows a complaint filed by the Union Ministry of Labour and Employment alleging offences including cheating, criminal conspiracy, and causing wrongful financial loss to the retirement fund through investments in secured Non-Convertible Debentures (NCDs) issued by Reliance Capital.
According to officials, the complaint was submitted on July 21 on behalf of the EPFO by an authorised officer after receiving approval from the competent authority. The complaint alleges that the EPFO incurred substantial losses from investments made in secured NCDs issued by Reliance Capital Limited. It further states that material discovered subsequently indicated suspected fraudulent conduct associated with the investment, prompting the registration of a criminal case by the CBI.
The FIR marks the beginning of a criminal investigation into the circumstances surrounding the investment and whether there was any deliberate misrepresentation, conspiracy, or other unlawful conduct that resulted in losses to the EPFO. Investigators are expected to examine the decision-making process behind the issuance and subscription of the debentures, financial records, internal communications, regulatory filings, and the flow of funds connected with the transaction.
The CBI is also likely to scrutinize corporate records, board resolutions, loan documentation, audit reports, and correspondence between Reliance Capital and relevant stakeholders to determine whether any provisions of criminal law were violated. Financial and forensic experts may be engaged to analyse the investment structure, identify potential irregularities, and establish whether the retirement fund’s investments were made on the basis of inaccurate or misleading information.
Responding to the allegations, a spokesperson for Anil Ambani stated that the FIR pertains to Reliance Capital Limited and noted that Ambani served as a Non-Executive Director and Chairman of the company’s Board from 2005 until November 2021, when the Reserve Bank of India superseded the Board and appointed an administrator. The spokesperson further said that Ambani “denies any wrongdoing whatsoever” and reserves all legal rights available to him.
The registration of the FIR does not constitute a finding of guilt. Under Indian law, the allegations remain subject to investigation, and the accused are presumed innocent unless proven guilty before a competent court.
The CBI is expected to continue collecting documentary evidence, recording witness statements, and examining financial transactions before deciding on any further legal action. Officials have indicated that the investigation is ongoing and that conclusions regarding criminal liability will depend on the evidence gathered during the course of the probe.
