India News | CBI Registers EPFO Investment Fraud Case of over Rs 1816.22 Cr Against Reliance Capital Ltd
Get latest articles and stories on India at LatestLY. CBI said that it is alleged in the complaint that, during 2013 and 2014, Reliance Capital Limited (RCL) issued secured Non-Convertible Debentures (NCDs), in which the EPFO invested Rs 2,500 crore through four portfolio managers including Reliance Capital Asset Management Limited. The NCDs were due to mature during 2023 and 2024.
New Delhi [India], August 1 (ANI): The Central Bureau of Investigation (CBI) registered a FIR on July 31, based on a written complaint received from the Employees' Provident Fund Organisation (EPFO), Ministry of Labour & Employment, Government of India, New Delhi, against M/s Reliance Capital Limited, Mumbai, Anil D Ambani, its former Chairman, unknown public servants and other unknown persons, for allegedly causing a wrongful loss of Rs 1,007.55 crore, along with an interest liability of Rs 808.67 crore, by committing offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct, according to a release.
CBI said that it is alleged in the complaint that, during 2013 and 2014, Reliance Capital Limited (RCL) issued secured Non-Convertible Debentures (NCDs), in which the EPFO invested Rs 2,500 crore through four portfolio managers including Reliance Capital Asset Management Limited. The NCDs were due to mature during 2023 and 2024.
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It is further alleged that the accused persons indulged in fraudulent transactions and diversion of funds, resulting in the default in redemption of the NCDs by Reliance Capital Limited and causing a total alleged loss of Rs 1,816.22 crore to the EPFO, the agency said.
Investigation has been taken up to identify the role of all persons involved, including public servants and private individuals, examine the alleged criminal conspiracy, and trace the end use of the invested funds, according to CBI.
The agency further said that it may also be recalled that the CBI has earlier registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) based on complaints received from various Public Sector Banks and LIC. The CBI has so far filed 4 chargesheets and arrested seven accused persons in the Reliance ADA Group cases.
These cases are under investigation, and the investigation is being monitored by the Supreme Court. The CBI remains committed to conducting an expeditious and comprehensive investigation into these cases.
Following this development, a spokesperson for Anil D Ambani said that he denies any "wrongdoing" in relation to the FIR and reserves all rights available to him in law.
"The FIR registered by the CBI pertains to Reliance Capital Limited. Mr. Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator. Mr. Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law," the spokesperson said. (ANI)
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