Mumbai: The Central Bureau of Investigation (CBI) has registered an FIR on the basis of a written complaint received from Life Insurance Corporation of India (LIC) against M/s Reliance Capital Limited (RCAP), Mumbai, Anil D. Ambani, former Chairman of RCAP, Satish Seth, Group Managing Director of Reliance Anil Dhirubhai Ambani Group (ADA Group), unknown public servants and others.
LIC alleges losses linked to NCD investments
According to the CBI, it is alleged by the LIC that during the period from April 2012 to March 2018, LIC had subscribed to 5 Non-Convertible Debentures (NCDs) aggregating to Rs. 3,900 crores issued by RCAP for general corporate purposes, funding requirements and refinancing of existing debt.
"It is alleged by the LIC that the accused persons entered a criminal conspiracy and committed offences of cheating, criminal breach of trust, criminal misconduct, diversion, misappropriation of funds and falsification of accounts, thereby causing wrongful loss to the tune of Rs. 2,684.57 crore to LIC and corresponding wrongful gain to themselves and other beneficiaries, by dishonestly inducing LIC to invest in RCAP through misrepresentation and thereafter fraudulently diverting the said funds, the agency said in a statement issued on Friday.
Probe to examine role of individuals and fund utilisation
Investigation has been taken up to identify the role of all persons involved including public servants and private individuals, examine the criminal conspiracy and to trace the end-use, diversion of invested funds, officials said.
CBI has earlier registered 08 FIRs against Reliance Communications Ltd. (RCom), Reliance Capital Ltd. (RCAP), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL) and Reliance Telecom Ltd. (RTL) on complaints received from various Public Sector Banks, EPFO and LIC. In these cases, CBI has so far filed 06 charge-sheets and arrested 07 accused persons. These cases are under investigation which are being monitored by the Supreme Court.
A Spokesperson for Anil D Ambani said, "The FIR registered by the CBI pertains to Reliance Capital Limited. Mr. Anil 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of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator.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.”
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