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

The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCL) and its former chairman Anil D. Ambani over allegations that the company caused a loss of ₹1,816.22 crore to the Employees' Provident Fund Organisation (EPFO) through investments in secured non-convertible debentures (NCDs). Ambani has denied all allegations, maintaining that he has committed no wrongdoing.

The FIR stems from a July 21 complaint filed by the Union Ministry of Labour and Employment, which alleged offences including cheating, criminal conspiracy, and wrongful loss to EPFO. According to the complaint, EPFO, through its portfolio managers, invested ₹2,500 crore in secured NCDs issued by Reliance Capital during 2013 and 2014, with the instruments scheduled to mature in 2023 and 2024.

The ministry stated that its complaint was based on information shared by the Enforcement Directorate (ED) and findings from a transaction audit conducted by BDO India LLP. The audit allegedly uncovered prima facie evidence of irregular lending, diversion of funds, impairment of security, and other fraudulent transactions involving Reliance Capital and individuals responsible for its management. Investigators believe these transactions may have contributed to the company's financial deterioration, ultimately preventing it from meeting its obligations to debenture holders and resulting in the alleged ₹1,816.22 crore loss to EPFO.

Responding to the FIR, a spokesperson for Anil Ambani said the case pertains to Reliance Capital, where he served as Non-Executive Director and Chairman from 2005 until November 2021, when the Reserve Bank of India (RBI) superseded the company's board and appointed an administrator. The spokesperson added that Ambani "denies any wrongdoing whatsoever" and reserves all legal rights available to him.

The CBI investigation is expected to examine the alleged financial irregularities and determine whether criminal liability can be established. The allegations remain under investigation, and no findings of guilt have been made at this stage.