The CBI has registered an FIR against Reliance Capital, its former chairman Anil Ambani, former group managing director Satish Seth, unidentified public servants and others over an alleged Rs 2,684.57-crore fraud involving investments made by LIC. Ambani has denied any wrongdoing, saying the case concerns Reliance Capital and noting that he served as its non-executive director and chairman until November 2021, when the RBI superseded the company’s board.
The case follows a complaint from LIC alleging that it invested Rs 3,900 crore in five non-convertible debentures issued by Reliance Capital between April 2012 and March 2018. The investments were intended for general corporate purposes, funding requirements and refinancing existing debt.
According to the CBI, LIC has alleged that it was induced to make the investments through misrepresentation and that the funds were subsequently diverted or misappropriated. The agency has registered allegations including cheating, criminal breach of trust, criminal misconduct and falsification of accounts. The alleged transactions are said to have caused LIC a wrongful loss of Rs 2,684.57 crore.
The investigation will examine the alleged conspiracy, the roles of public servants and private individuals, and the end-use of the funds. The CBI has previously registered multiple cases involving Reliance Group companies based on complaints from public-sector banks, EPFO and LIC. Several arrests and chargesheets have already been recorded in those cases.
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