The Central Bureau of Investigation (CBI) has registered a case against Reliance Capital Limited, its former Chairman Anil D. Ambani, unknown government officials, and other unidentified persons based on a complaint from the Employees’ Provident Fund Organization (EPFO). It is alleged that a loss of ₹1,007.55 crore was caused to the EPFO through alleged offences of criminal conspiracy, cheating, criminal breach of trust, and corruption. An interest liability of ₹808.67 crore was also added, taking the total alleged loss to ₹1,816.22 crore. According to the CBI, the FIR was registered on July 31, 2026, based on a written complaint from the EPFO (Ministry of Labour and Employment, Government of India).
What is the whole matter?
According to the complaint, Reliance Capital Limited (RCL) issued secured non-convertible debentures (NCDs) during 2013 and 2014. The EPFO invested ₹2,500 crore in these NCDs through four portfolio managers, including Reliance Capital Asset Management Limited.
These NCDs were scheduled to mature in 2023 and 2024. It is alleged that individuals associated with the company allegedly engaged in fraudulent transactions and diverted the invested funds during this period. Consequently, Reliance Capital was unable to redeem the NCDs on time.