- 2684 crore lime to LIC!
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Anil Ambani LIC Fraud Case : Anil Ambani's problems are increasing. The Central Bureau of Investigation on Friday filed a case against Reliance Capital Limited RCL, its former chairman Anil Ambani, former managing director Satish Seth, several unidentified government officials and several others. This case with Life Insurance Corporation of India LIC The corresponding ₹2,684.57 crore relates to an alleged fraud of approximately $2.5 billion. (Anil Ambani LIC Fraud Case)
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What exactly is the charge?
In a written complaint, LIC has alleged that between April 12, 2012 and March 9, 2018, Reliance Capital sold five debentures after sanctioning a loan of ₹3,900 crore to the company. Reliance had said that the funds will be used to meet the company's financial needs, repay old debts and for day-to-day operations.
LIC alleges that after receiving the loan, the company did not use the funds for its original purposes, instead diverting them to group companies that were already loss-making. Later when Reliance Capital collapsed, it was unable to repay its loan from LIC. This resulted in a huge loss of ₹2,684.57 crore to LIC.
What is the role of Anil Ambani?
Anil Ambani's spokesperson has completely denied all these allegations. In a statement, he said, “This matter pertains only to Reliance Capital Limited. Anil Ambani was the only non-executive director and chairman of the board of the company from 2005 to November 2021. In November 2021, the Reserve Bank of India dissolved the board and appointed an administrator.” Anil Ambani absolutely denies any wrongdoing and maintains his rights under law, the spokesperson said.
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