Mumbai, August 1, 2026: The Central Bureau of Investigation (CBI) has registered an FIR against Reliance Capital Ltd. (RCL), its former chairman Anil D. Ambani, unknown public servants and other unidentified persons in connection with an alleged Employees' Provident Fund Organisation (EPFO) investment fraud involving Rs 1,816.22 crore, officials said on Saturday.
The FIR, registered on July 31, is based on a complaint filed by the EPFO under the Ministry of Labour and Employment. According to the complaint, the accused allegedly caused a wrongful loss of Rs 1,007.55 crore to the EPFO, besides an interest liability of Rs 808.67 crore, through offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
Alleged Diversion Of EPFO Funds
It is alleged in the complaint that, during 2013 and 2014, 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 debentures were scheduled to mature in 2023 and 2024.
According to the complaint, the accused allegedly diverted the invested funds through fraudulent transactions, resulting in Reliance Capital's failure to redeem the NCDs on maturity and causing an alleged loss of Rs 1,816.22 crore to the EPFO.
The investigation will seek to identify the role of all those involved, including public servants and private individuals, examine the alleged criminal conspiracy and trace the end use of the invested funds, the agency said.
Earlier Cases Under Investigation
The latest FIR adds to a series of CBI investigations involving companies of the Reliance ADA Group. The agency said it had earlier registered seven FIRs against Reliance Communications Ltd. (RCom), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL) and Reliance Telecom Ltd. (RTL) based on complaints from public sector banks and the Life Insurance Corporation of India (LIC). So far, the CBI has filed four charge sheets and arrested seven accused in those cases, which continue to be investigated under the monitoring of the Supreme Court.
Also Watch:
Ambani Denies Wrongdoing
Responding to the FIR, a spokesperson for Anil D. Ambani said the case pertains to Reliance Capital Ltd. and that Ambani had served as the company's non-executive director and chairman from 2005 until November 2021, when the Reserve Bank of India superseded the company's board and appointed an administrator.
"Mr. Ambani denies any wrongdoing whatsoever and reserves all rights available to him in law," the spokesperson said.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
