CBI Registers ₹1,816-Crore EPFO Investment Fraud Case Against Reliance Capital, Former Chairman Anil Ambani
The CBI registered an FIR against Reliance Capital Ltd., former chairman Anil D. Ambani, and others in an alleged EPFO investment fraud involving Rs 1,816.22 crore.
The FIR, based on an EPFO complaint, alleges wrongful loss of Rs 1,007.55 crore to EPFO plus interest liability of Rs 808.67 crore, for offences including criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.
During 2013-2014, RCL issued secured NCDs in which EPFO invested Rs 2,500 crore via four portfolio managers including Reliance Capital Asset Management Limited; the funds were allegedly diverted and NCDs not redeemed on maturity.
The CBI has earlier registered seven FIRs against other Reliance ADA Group companies based on complaints from public sector banks and LIC, and has filed four charge sheets and arrested seven accused so far.
A spokesperson for Anil Ambani denied any wrongdoing, noting he was non-executive director and chairman of RCL until November 2021, when RBI superseded the board.
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