New Delhi: The Central Bureau of Investigation (CBI) has registered an FIR based on a written complaint received from Life Insurance Corporation of India (LIC) against Reliance Capital Limited (RCAP), Anil D. Ambani, former chairman of Reliance Capital, Satish Seth, Group Managing Director of Reliance Anil Dhirubhai Ambani Group (ADA Group), unknown public servants and others in an alleged fraud of Rs 2,684.57 crore, according to an official statement issued by the investigative agency Friday.
LIC has alleged that during the period from April 12, 2012 to March 9, 2018, LIC had subscribed to five non-convertible debentures (NCDs) aggregating to Rs 3,900 crore issued by RCAP for general corporate purposes, funding requirements and refinancing of existing debt.
LIC further alleged that the accused persons entered into a criminal conspiracy and committed offences of cheating, criminal breach of trust, criminal misconduct, diversion and 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.
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 and diversion of invested funds, the CBI statement said.
The CBI has earlier registered eight 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 including the State Bank of India, EPFO and LIC. In these cases, CBI has so far filed six charge-sheets and arrested seven persons accused in these cases. The cases are under investigation and are being monitored by the Supreme Court, the statement added
Meanwhile, a spokesperson for Anil D Ambani said: “The FIR registered by the CBI pertains to Reliance Capital Limited. Mr 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of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator.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.”
