CBI Registers FIR Against Anil Ambani, Reliance Capital Over Alleged ₹1,816 Crore EPFO Loss

NEW DELHI, Aug. 1: The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCL), its former chairman Anil D. Ambani, unknown public servants and other unidentified persons, over an alleged ₹1,816.22 crore loss to the Employees' Provident Fund Organisation (EPFO).

According to the CBI, the FIR was registered on July 31 following a written complaint submitted by the EPFO under the Ministry of Labour and Employment. The agency has invoked charges including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.

The complaint alleges that Reliance Capital issued secured non-convertible debentures, or NCDs, during 2013 and 2014, in which the EPFO invested ₹2,500 crore through four portfolio managers, including Reliance Capital Asset Management Limited. The debentures were scheduled to mature during 2023 and 2024.

According to the FIR, fraudulent transactions and diversion of funds allegedly resulted in Reliance Capital defaulting on the redemption of the NCDs. As a result, the EPFO is alleged to have suffered a total loss of ₹1,816.22 crore, comprising ₹1,007.55 crore in principal and ₹808.67 crore in interest liability.

The Ministry of Labour and Employment forwarded the complaint after the Enforcement Directorate (ED) reportedly shared findings indicating documentary evidence of irregular financial transactions.

A transaction audit conducted by BDO India LLP allegedly identified multiple instances of irregular lending, diversion of funds and impairment of security involving Reliance Capital. The complaint further states that these alleged transactions may have contributed to the company's financial deterioration, its inability to honour obligations to debenture holders and the resulting losses suffered by the EPFO.

Responding to the FIR, a spokesperson for Anil Ambani said the case pertains to Reliance Capital Limited and noted that Ambani served as the company's non-executive director and chairman until November 2021, when the Reserve Bank of India superseded the company's board and appointed an administrator. The spokesperson said Anil Ambani denies any wrongdoing and reserves all legal rights available to him under the law.

The CBI investigation is currently at a preliminary stage. The registration of an FIR does not establish guilt, and the allegations remain subject to investigation. Authorities are expected to examine financial records, transaction trails and the roles of the individuals and entities named in the complaint before determining whether sufficient evidence exists to prosecute those involved.