CBI books Reliance ADAG company, directors in ₹1,816 crore EPFO loss case
CBI filed an FIR against Reliance Capital Ltd (RCL), its directors, and key managerial personnel for causing a wrongful loss of ₹1,816.22 crore to EPFO.
EPFO invested ₹2,500 crore in RCL's secured Non-Convertible Debentures (NCDs) in 2013-2014 via four portfolio managers.
RCL defaulted after its credit rating was downgraded to D in September 2019.
EPFO recovered ₹1,492.45 crore after RCL was acquired by IndusInd International Holdings Limited (IHIL) in March 2025, leaving unrecovered principal of ₹1,007.55 crore and interest of ₹808.67 crore.
The complaint was based on ED findings that revealed serious deficiencies like diversion of funds and non-compliance with lending policies.
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