CBI Files FIR Against Anil Ambani, Reliance Capital in ₹1,816-Crore EPFO Investment Fraud Case (Img: Pinterest)
Mumbai: An FIR has been lodged against Reliance Capital Ltd, along with its former Chairman Anil D. Ambani, unknown public servants, and other unknown persons, in connection with the fraud of ₹1,816.22 crore related to investments made by the Employees' Provident Fund Organisation (EPFO).
This FIR was lodged on July 31 based on a complaint from the EPFO, which comes under the Ministry of Labour and Employment, regarding offences of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.
As per CBI, EPFO had invested ₹2,500 crore in secured NCDs issued by Reliance Capital in the years 2013-2014 through four portfolio managers, including Reliance Capital Asset Management Limited.
These NCDs had a maturity period till 2023 and 2024.
It was alleged by the agency that due to fraud and misappropriation of funds, Reliance Capital had defaulted in repaying the debentures leading to an alleged loss of ₹1,007.55 crore along with the interest loss of ₹808.67 crore making the total alleged loss to ₹1,816.22 crore.
The investigating body informed that the investigation will focus on all individuals who were involved in the case, both government servants and other private citizens, and look into the criminal conspiracy charge along with tracking the ultimate use of the funds invested.
The CBI noted that it has previously registered seven FIRs against companies of the Reliance ADA Group, including 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 (LIC).
So far, the agency has filed four chargesheets and arrested seven accused in connection with these cases. According to the CBI, the investigations are being monitored by the Supreme Court, and further inquiries into the latest EPFO complaint are underway.
